CandleFocus PayPal's PYUSD stablecoin shrinks 30% in a month as DeFi yields on Solana plummet
2024-09-26
Author: Content Editor
PayPal's stablecoin PYUSD has experienced a decline in market cap, losing nearly 30% over the past 30 days. The reduction was mainly attributed to a significant decrease in market cap on the Solana blockchain. The PYUSD in circulation on Solana dropped from $662 million to $364 million. However, its market cap on Ethereum remained stable at $340 million. Despite the decrease, PYUSD remains the third-largest stablecoin within Solana's ecosystem. The decline in market cap is potentially due to a drop in DeFi yields and the shrinking incentives offered for PYUSD as collateral on Kamino.
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