According to current metrics, Paypal’s stablecoin PYUSD has increased its supply by more than 49% since the end of September, rising from 94.39 million to 140.86 million. Moreover, the number of PYUSD holders has risen by 55% since September 30, 2023. Concentration, however, is still evident in PYUSD, with the top 100 holders owning 99.95% of its current supply.
Paypal Stablecoin Witnesses Redistribution Among Top Holders
Paypal’s stablecoin ecosystem experienced growth in October. The number of unique addresses and transfers has risen, and more PYUSD has been issued. On September 30, 2023, 924 unique wallets held PYUSD. Today, that number stands at 1,438 holders. Additionally, PYUSD had only 180 transfers 25 days ago, but that count has now reached a total of 8,307 transactions. Still, this count is extremely modest when set against USDT’s 204 million transfers and USDC’s 73 million transactions.
In terms of issuance, PYUSD’s supply has jumped by 49.22% since September’s close. Back then, 94.39 million of Paypal’s stablecoins were in circulation, and now that figure stands at 140.86 million. Boasting a market capitalization of $140 million, it secures the 13th spot among USD stablecoins by market value and ranks 206th among over 10,000 crypto assets. While a lion’s share of the 140.86 million PYUSD is held by a handful of addresses, its distribution landscape has undergone a few notable changes.
Crypto.com has risen to become the top PYUSD holder, wielding 98.21 million tokens, equivalent to 69.72% of the total supply. Paxos follows closely, securing the second and third largest wallets with holdings of 28.81 million and 4.83 million PYUSD, respectively. Kraken possesses the fourth largest PYUSD wallet, containing 1.5 million tokens, while Curve Finance boasts the fifth, housing approximately 998,658 PYUSD.
A noteworthy 966,936 PYUSD finds its home on Uniswap, paired with USDC, making it the sixth-largest PYUSD account. Intriguingly, the identity of the seventh largest PYUSD holder remains a mystery; however, their wallet is brimming with 859,335 PYUSD. This mystery address also shelters $3.08 million in various digital assets, including a substantial $1.4 million in wall street memes (WSM) and $175K in worldcoin (WLD).
Coinbase and Uniswap lay claim to the eighth and ninth-largest PYUSD wallets, respectively. Rounding out the top ten, another anonymous entity emerges as the tenth largest PYUSD holder, with approximately 500,000 PYUSD in their possession, having received the funds directly from Coinbase.
What do you think about the increase in PYUSD’s overall supply? Share your thoughts and opinions about this subject in the comments section below.
