PayPal’s U.S. dollar-pegged stablecoin, PYUSD — launched in August 2023 through a partnership with custodian firm Paxos — has seen its market supply exceed half a billion tokens.

Following its rollout, PYUSD’s supply reached 230 million by the end of 2023. Since then, the total supply of stablecoins has more than doubled, surpassing the 500 million mark (or $500 million) this month, according to DeFiLlama data.

Notably, in the past month, the stablecoin's supply increased by 97% — rising from 270 million on June 26 to now over 533 million. This places PayPal among the top ten stablecoin issuers, with Tether USD leading the niche with a supply of over 112 billion.

The surge in PYUSD’s growth has followed its expansion to the Solana network in May. A few months later, Solana hosts about …