PYUSD Supply Expands as USDE Contracts Amid Redemption Activity
In the past 12 days, the overall stablecoin market value has remained steady, but significant changes have occurred in the supplies of PYUSD and USDE.
PayPal’s PYUSD supply has surged by 70% over the last 22 days, reaching $651 million, while Ethena’s USDE supply has fallen by 10.7% to $3.1 billion, driven by increased redemptions amid market volatility.
As of July 25, 2024, the stablecoin market value holds at $164.68 billion, with PYUSD now positioned as the seventh largest stablecoin, potentially overtaking Tron’s USDD if the trend continues. The fluctuations highlight the market’s dynamic nature and the influence of market conditions on stablecoin rankings and supply.
Clever Robot News Desk 7th August 2024
