PYUSD Supply Surges by 49% as New Players Reshape the Landscape

PYUSD Supply Surges by 49% as New Players Reshape the Landscape

PYUSD, PayPal's stablecoin, supply has surged by more than 49% since the end of September, expanding from 94.39 million to an impressive 140.86 million. The number of PYUSD holders has soared by a remarkable 55% since September 30, 2023. Notably, the top 100 holders still retain a tight grip on 99.95% of the current PYUSD supply.

PayPal Stablecoin Witnesses Redistribution Among Top Holders

PayPal's stablecoin ecosystem is undergoing a rejuvenation this month. Unique addresses and transfers are on the rise, with a noteworthy increase in PYUSD. At the end of September 2023, PYUSD was held by 924 unique wallets. Today, that number has surged to 1,438 holders. The transactions have also experienced a considerable boost, growing from a meager 180 transfers 25 days ago to a remarkable 8,307 transactions. While this surge is substantial, it pales in comparison to USDT's 204 million transfers and USDC's 73 million transactions.

PYUSD's supply has escalated by an impressive 49.22% since the close of September. The circulation of PayPal's stablecoins has expanded from 94.39 million to 140.86 million. With a market capitalization of USD 140 million, it now stands as the 13th most valuable USD stablecoin and ranks 206th among over 10,000 cryptocurrencies. While a majority of PYUSD is held by a select few, there have been notable shifts in the distribution landscape.

Top 10 PYUSD Holders Revealed: Crypto.com Dominates

Crypto.com is the largest PYUSD holder, boasting 98.21 million tokens, equivalent to a substantial 69.72% of the total supply. Paxos follows as the second and third largest wallets, with holdings of 28.81 million and 4.83 million PYUSD, respectively. Kraken claims the fourth-largest PYUSD wallet, containing 1.5 million tokens, while Curve Finance stands as the fifth-largest holder with approximately 998,658 PYUSD.

A significant 966,936 PYUSD resides on Uniswap, paired with USDC, making it the sixth-largest PYUSD account. The seventh largest PYUSD holder remains shrouded in mystery, but their wallet is brimming with 859,335 PYUSD and several digital assets, including USD 1.4 million in Wall Street Memes (WSM) and USD 175K in Worldcoin (WLD).

Coinbase and Uniswap are home to the eighth and ninth-largest PYUSD wallets, respectively. An anonymous entity emerges as the tenth largest PYUSD holder, with approximately 500,000 PYUSD in their possession, having received the funds directly from Coinbase.

The surge in PYUSD's supply is indeed a game-changer. What are your thoughts on this remarkable transformation in the PYUSD landscape? Please share your opinions and insights in the comments section below.