This Solana Stablecoin Reaches 1 Billion Dollar Market Cap

Bittime - PayPal's PYUSD stablecoin reaches $1 billion market cap, thanks to increased supply and expansion to the Solana blockchain. With the growth of active wallet addresses and popularity of Solana, PYUSD managed to limit the market decline. Discover how PYUSD plays a role in the changing crypto market.

This Solana Stablecoin Reaches 1 Billion Dollars

Conventional financial organizations have sought to increase their reach in the cryptocurrency market in 2024. That is undeniable, from Mastercard to $10 trillion asset manager BlackRock.

However, PayPal is the most interesting. Today, digital payment services are taking on competition that has never been seen before.

PayPal Reaches Market Cap

According to CoinMarketCap, PayPal has reached a market capitalization of $1 billion, although the arrival of PayPal's PYUSD stablecoin is a bit late. 

In the last two months, the supply of assets issued by Paxos has doubled. Its expansion into Solana has also led to increased activity.

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PYUSD Limits Market Drop Thanks to Solana's Popularity

Due to Solana's popularity, PYUSD could limit the overall market decline. Stablecoin users increased over the summer. 

According to Visa analysis, monthly active wallet addresses reached the 25,000 level in July, a significant increase from MAt of 9,400.

PYUSD As a Game Changer

PYUSD is considered a game changer. However, the initial impact that many anticipated did not occur. 

Despite the inability to compete with USDC Circle and USDT Tether. With Solana's continuous development, this position will become even stronger and broader.

Conclusion

Currently, PayPal's PYUSD stablecoin reached a market cap of $1 billion. Although late, increased supply and expansion into Solana has increased usage and activity. 

With Solana's support, PYUSD was able to limit market declines, but still had to compete with USDC and USDT. With the progress of Solana, PYUSD may strengthen its position in the market.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.