CandleFocus PayPal’s stablecoin flows out of Solana as incentives wane
2024-10-02
Author: Content Editor
The supply of PayPal's stablecoin, PYUSD, on the Solana blockchain has declined by 50% in the past month, falling from over $660 million to around $320 million. This drop in supply is attributed to the winding down of liquidity incentive programs by Kamino and other DeFi protocols, which had previously been driving yields for PYUSD holders. These incentives were funded by Trident Digital, a firm contracted by Paxos (PYUSD issuer), to capture liquidity on Solana DeFi platforms. The decline in yields has caused some investors to seek other investment opportunities. It is unclear whether the incentives came from PayPal or Solana Foundation's funding. While the investment in liquidity incentives is being questioned, it is important to note that PYUSD is primarily meant for payments and remittances, and its deployment on Solana is a significant move by PayPal.
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