PayPal's Solana-based PYUSD stablecoin launched a few months ago and it appears the token's supply is already closing the gap on PYUSD tokens on the Ethereum network.

Solana-based PYUSD stablecoins currently have a supply of nearly $240 million since launching in May, according to a Dune analytics dashboard cited by Solana Foundation. Ethereum-based PYUSD tokens have a supply of about $348 million, according to The Block Data Dashboard.

PYUSD on Ethereum launched close to a year ago.

"This rapid growth underscores the strength and efficiency of the Solana network," said Sheraz Shere, GM of Payments at Solana Foundation.

Solana-based decentralized exchanges like Jupiter and Orca, which added PYUSD, may have contributed to the swelling growth of PYUSD stablecoins on the Solana network.