The stablecoin market is witnessing a potential power shift as PayPal’s PYUSD continues to gain momentum, although it is still smaller than stablecoin giants like USDT and USDC. According to a report by Hashdex, stablecoins’ market dominance grew by 3% in Q3 of 2024, with USDT and USDC market shares increasing by 1% and 5% respectively.
PYUSD, however, experienced a 57% rise in dominance during the same period. Both PayPal and blockchain firm Ripple are planning to launch dollar-backed stablecoins, expanding the stablecoin market’s reach in the fintech industry.
Launched last August, PYUSD reached a $1 billion market cap in just 383 days, achieving this milestone faster than USDC and USDT.
