Stablecoin Market Grows by $344M in a Week, Driven by Paypal’s PYUSD Expansion

The stablecoin market saw subdued growth in June but surged by $344.15 million in the past week. 

Leading this expansion was Paypal’s PYUSD, which grew by 41.2% over the last 30 days to reach a market cap of $585.25 million, making it the eighth largest stablecoin. 

Bitcoin and ethereum prices also rose by 12.4% and 11.2% against the U.S. dollar, respectively, contributing to a 0.21% growth in the stablecoin economy. As of July 17, 2024, the market’s total valuation stands at $163.16 billion, with Tether (USDT) holding the top spot at approximately $112.99 billion.

Clever Robot News Desk 19^th July 2024