PYUSD supply surged 22% in a week, rising to become the sixth largest stablecoin

According to The Defiant, PYUSD added $625 million in circulating supply over the past week, an increase of 22%, leading the growth chart in the stablecoin market.

All newly minted PYUSD flowed into the Ethereum network, raising its total supply on Ethereum to $2.38 billion. This increase comes just a month after the issuer Paxos's unexpected minting of $3 million worth of PYUSD.

After last week's surge in supply, PYUSD has jumped to become the sixth largest stablecoin in the DeFi space, with a market share just over 1%. This marks PayPal's continued efforts in the stablecoin arena, and although there is still a significant gap compared to leading stablecoins like USDT and USDC, its growth rate demonstrates the strong momentum of traditional financial institutions entering the crypto market.

Analysts point out that PayPal's large user base and brand influence may become key advantages for PYUSD's future expansion.