The Decline in Circulation of PayPal USD (PYUSD) Stablecoin
The stablecoin PayPal USD (PYUSD), a collaboration between PayPal and Paxos, saw a significant decrease in circulation during March. Here are the key points:
- PYUSD circulation in March was $188.5 million, a 39% drop from the previous month.
- Market capitalization of PYUSD peaked at $312 million in late February and has been on a downward trend since then.
- As of the latest update, PYUSD’s market cap stands at $194 million, showing a 3% increase over the past week.
Details on PYUSD Market Cap and Treasury Holdings
Recent data indicates that PYUSD’s market cap decline coincided with a broader cryptocurrency market rally. Notable details include:
- As of March 29, the PayPal USD treasury held $14.9 million in U.S. Treasury bonds.
- Paxos engages in Reverse Repurchase Agreements to mitigate risks, with total net assets for PYUSD amounting to $192 million.
PayPal’s Integration of PYUSD for Cross-Border Transfers
In August 2023, PayPal introduced the PYUSD stablecoin for digital payments and Web3 participation. Recent developments include:
- On April 4, PayPal integrated PYUSD into its Xoom money transfer platform, enabling zero-fee cross-border transfers for U.S. customers.
- PYUSD has quickly risen in the stablecoin market, ranking as the 13th largest stablecoin by market capitalization.
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Written By
Ian Bennett
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
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