According to Paxos, the circulation of PayPal stablecoin dropped significantly by 38% in March compared to February 2024. The total amount of PayPal USD in circulation reached $188.5 million in March, marking a notable decline from the previous month.
PYUSD, a stablecoin co-issued by PayPal and Paxos, experienced this drop in circulation despite reaching highs of $304 million in February and $301 million in January. As of March 29, the PayPal USD treasury held $14.9 million in United States Treasury bonds.
While the market capitalization of PYUSD peaked at $312 million on February 26, it has been steadily decreasing since then, now standing at $194 million. Despite this decline, PYUSD remains the 13th largest stablecoin by market capitalization, surpassing Paxos’ Pax Dollar (USDP) and Gemini Dollar (GUSD).
PYUSD’s market value accounts for only 0.18% of Tether’s stablecoin, which has a market value of $106.6 billion. Overall, the total market capitalization of all stablecoins amounts to $155 billion at the time of writing.
