PayPal's stablecoin PYUSD has seen a 90% surge in supply after expanding to Solana, with a market capitalization exceeding $500 million

ChainCatcher news, according to Cryptoslate, the supply of PayPal's PYUSD stablecoin grew by 90% after expanding to the Solana blockchain in May, and as of July 8, its market capitalization has exceeded the $500 million mark. According to data from DeFillama, the total supply of PYUSD on Solana and Ethereum reached approximately $520 million (currently $533 million) as of July 8.

A breakdown of the supply on the two chains shows that there is $399 million on Ethereum, accounting for 77% of the total supply, while there is $118.65 million on Solana, representing 23% of its supply. However, further analysis of the data indicates that its adoption rate on the Solana network is rising, with the supply on the network increasing by about 58% over the past week. In contrast, the PYUSD supply on Ethereum has decreased by 6% during the same period.