PYUSD hits a $94,396,540 market cap two months after launch following the minting of $50M tokens.
In a recent tweet, Julio Moreno, the Head of Research at the prominent data analytic firm CryptoQuant, spotlighted exciting developments about the recently launched PayPal stablecoin based on the Ethereum network, PYUSD.
Moreno highlighted that PYUSD has achieved an unprecedented milestone by reaching an all-time high market valuation of nearly $100 million. In particular, the researcher mentioned that PYUSD now boasts a market share of $94,396,540.
PYUSD (PayPal's stablecoin) just hit an all time high market capitalization of $94M.
$50M were minted on September 29.Those $50M were then sent to address 0xcffad3200574698b78f32232aa9d63eabd290703 belonging to exchange @cryptocom pic.twitter.com/uOD4whmqnR
— Julio Moreno (@jjcmoreno) October 4, 2023
PYUSD All-time High Market Cap
Furthermore, Moreno disclosed that the significant surge in PYUSD’s market cap followed the minting of $50 million of the stablecoins on September 29.
The destination of the Friday-minted PYUSD added another twist to the development. According to Moreno, the freshly created tokens were transferred to a wallet of a centralized exchange. Specifically, the recipient address was the prominent crypto exchange Crypto.com, one of the few trading platforms that have listed PYUSD.
Additionally, Moreno’s tweet included a chart illustrating PYUSD’s supply over time. It indicated the stablecoin has maintained a steady increase in its supply since its August debut.
PYUSD In the Market
According to data from the crypto tracking platform CoinMarketCap, PYUSD’s market cap ranks it at 243 among the most prominent cryptocurrencies. PYUSD’s trading volume saw a 53.66% uptick compared to the value obtainable in the past day. Market participants bought and sold $5,242,794 PYUSD in the last 24 hours.
Notably, the top-rated centralized exchanges that have listed PYUSD include Coinbase, Kraken, KuCoin, Bybit, and Gate.io. However, Gemini and the largest crypto exchange, Binance, are among the notable platforms yet to support PYUSD.
The PayPal stablecoin debuted on August 7, 2023, to work alongside PayPal’s existing crypto payments. The Crypto Basic reported that PayPal users can move PYUSD from their account to external addresses or swap to other stablecoin, crypto, or fiat currencies.