During the recent bull market, with Bitcoin hitting new all-time highs, it’s challenging to address the significant decline in circulation of PayPal’s stablecoin, PYUSD, which fell to $188.5 million in March, marking a 39% decrease since the beginning of February.
PayPay USD started as a high tone as the high began with its circulation reaching $ 304 million in the month of February and $301 during January.According to CoinGecko data report PYUSD’s market cap peaked at $312 million on the 26th of Feb but later on started to decline.
Recent data from Coinmarketcap reveals that PYUSD’s market capitalization is at $191 million, a slight surge over the last week.
PYUSD, launched in August 2023, emerged as a digital payments and Web3-centric currency, initially pegged 1:1 to the U.S. dollar.
Though it has recorded a small market share PYUSD has managed to claim the 13th position among stablecoins according to the market capitalization by surpassing the USDP and GUSD.
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