CryptoIntelligence 2024-04-09 18:55:33

PayPal USD Stablecoin Circulation Drops 39% in March Amid Crypto Market Rally

PayPal USD Stablecoin Circulation Drops 39% in March Amid Crypto Market Rally

In March, PayPal USD (PYUSD), a stablecoin collaboration between PayPal and Paxos, witnessed a significant decline in circulation, dropping 39% from February to $188.5 million, as reported in Paxos’ latest transparency report. This decrease marked a shift from the stablecoin’s previous performance, with circulation reaching highs of $304 million in February and $301 million in January. The decline occurred despite the cryptocurrency market’s overall positive momentum, highlighted by Bitcoin’s surge to record highs above $73,000 on March 13. Notably, PYUSD’s market capitalization also fell from an all-time high of $312 million on February 26, data from CoinGecko indicates, although it

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