Stablecoin

Bitcoin

During the recent bull market, with Bitcoin hitting new all-time highs, it’s challenging to address the significant decline in circulation of PayPal’s stablecoin, <a href="https://financefeeds.com/paypal-stablecoins-market-share-slumps-to-mere-0-18/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">PYUSD</a>, which fell to $188.5 million in March, marking a 39% decrease since the beginning of February.
&nbsp;PayPay USD started as a high tone as the high began with its circulation reaching $ 304 million in the month of<a href="https://paxos.com/wp-content/uploads/2024/03/PYUSD-Monthly-Stablecoin-Reporting-February-2024-PYUSD-Disclosure.pdf" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external"> February</a> and $301 during <a href="https://paxos.com/wp-content/uploads/2024/02/PYUSD-Monthly-Stablecoin-Reporting-January-2024-PYUSD-Disclosure-1.pdf" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">January</a>.According to <a href="https://www.coingecko.com/en/coins/paypal-usd" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinGecko</a> data report PYUSD’s market cap peaked at $312 million on the 26th of Feb but later on started to decline.
Recent data&nbsp; from <a href="https://coinmarketcap.com/currencies/paypal-usd/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Coinmarketcap</a> reveals that PYUSD’s market capitalization is at $191 million, a slight surge over the last week.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/ud839XGJNWusadktUHoJzcusjUW8vPDisVqBnboFdRVRCLA0UZomqfiAL765cYdxwN4K77jZayijPWpIXjmBzfcgj2VGAOh8x--HqzUbVsMbUTGbE4bxabTJzQuhY58Bk_ohqruaZ8bQyInUmYMZkIc" alt="ud839XGJNWusadktUHoJzcusjUW8vPDisVqBnboFdRVRCLA0UZomqfiAL765cYdxwN4K77jZayijPWpIXjmBzfcgj2VGAOh8x">
</figure>
PYUSD, launched in August 2023, emerged as a digital payments and Web3-centric currency, initially pegged 1:1 to the U.S. dollar.
Though it has recorded a small market share PYUSD has&nbsp;managed to claim the 13th position among stablecoins according to the market capitalization by surpassing the USDP and GUSD.
Also Read:<a href="https://www.cryptotimes.io/2024/04/09/binance-exec-faces-nigerian-prison-ordeal/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Exec Faces Nigerian Prison Ordeal</a>

PYUSD Stablecoin Market Share Drops to 0.18%

The Crypto Times

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