According to ChainCatcher, citing a DL News report, the circulating supply of PayPal’s stablecoin PYUSD has surged 224% since September, surpassing $3.8 billion and becoming the sixth largest stablecoin.
DeFi protocol Ethena has become the largest holder of PYUSD, holding $1.2 billion through custodian Copper. PayPal, in collaboration with liquidity management firm Sentora, is providing incentives on the decentralized exchange Curve Finance and subsidizing DeFi protocol user yields.
Solana lending protocol Kamino currently offers nearly 6% annual yield for lending PYUSD, partially subsidized by PayPal. Over the past three months, the scale of PYUSD on Solana has grown from $250 million to over $1 billion.
U.S. Treasury Secretary Scott Besant expects the stablecoin market to reach $3 trillion by 2030.
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