PayPal’s PYUSD Stablecoin Faces Limited Adoption
Less than 20% of the $44.37 million supply of the dollar-pegged stablecoin has been circulated, meaning the majority are still unreleased.
Only $6.49 million PYUSD stablecoin is now in circulation, according to data from Defillama. Given that the stablecoin’s introduction was over a month ago, this number is shockingly low.
The circulating supply of a stablecoin, which reached its peak at $6.52 million on September 9, has slightly declined over the last 24 hours, indicating a decline in its early adoption stages. On-chain data shows that Paxos Treasury holds $37.88 million of the total supply, with 534 addresses and centralized exchanges dominating the list of holders.
PYUSD adoption has been slower than other stablecoins, such as Aave GHO, which experienced a supply surge within a month of its introduction. Currently, PYUSD ranks 61 among stablecoins by market capitalization, alongside other relatively unknown stablecoins like RAI Reflex Index, Parallel PAR, and NXUSD.
(With inputs from Shikha Singh)
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