Tuesday, November 28, 2023

Recent data shows that the supply of Paypal’s stablecoin, PYUSD, has experienced a dramatic rise of over 49% since the close of September, escalating from 94.39 million to 140.86 million. Concurrently, the number of PYUSD account holders has surged by 55% since September 30, 2023. Despite this growth, concentration remains a defining characteristic of PYUSD, as the top 100 account holders control 99.95% of the existing supply.

Evolution Observed in Paypal’s Stablecoin Distribution among Leading Stakeholders

In the month of October, Paypal’s stablecoin landscape witnessed considerable expansion. The metrics for unique wallet addresses and the volume of transfers have seen an uptick, alongside the issuance of more PYUSD. As of September 30, 2023, there were 924 unique PYUSD holders, a figure which has since risen to 1,438. Additionally, while there were only 180 transfers noted 25 days prior, this has now surged to an aggregate of 8,307 transactions. Although significant, these numbers pale in comparison to USDT’s 204 million transfers and USDC’s 73 million transactions.

Regarding supply augmentation, the stablecoin PYUSD has seen a leap of 49.22% since the end of September. At that time, 94.39 million PYUSD were in circulation, but this number now stands at 140.86 million. With a market capitalization of $140 million, PYUSD currently occupies the 13th position among USD-pegged stablecoins by market capitalization and ranks 206th across a spectrum of more than 10,000 cryptocurrencies. While the majority of the 140.86 million PYUSD is concentrated in a select few addresses, the distribution schema has undergone significant modifications.

Crypto.com has ascended to claim the position of the top PYUSD holder, with 98.21 million tokens, amounting to 69.72% of the overall supply. Paxos is not far behind, holding the second and third largest wallets, containing 28.81 million and 4.83 million PYUSD respectively. Kraken maintains the fourth largest PYUSD wallet, holding 1.5 million tokens, whereas Curve Finance occupies the fifth spot, with nearly 998,658 PYUSD.

A significant 966,936 PYUSD is held in a Uniswap pool, paired with USDC, designating it as the sixth largest PYUSD account. Interestingly, the identity of the seventh largest holder of PYUSD remains unknown, although their wallet is flush with 859,335 PYUSD. This undisclosed address also harbors an assortment of other digital assets worth $3.08 million, including a noteworthy $1.4 million in Wall Street Memes (WSM) and $175,000 in Worldcoin (WLD).

Coinbase and Uniswap are the custodians of the eighth and ninth largest PYUSD accounts, respectively. Completing the top ten, another unidentified entity has surfaced as the tenth largest holder, possessing roughly 500,000 PYUSD, sourced directly from Coinbase.

We invite you to share your analyses and viewpoints on the substantial increase in PYUSD’s overall supply in the comments section below.

Frequently Asked Questions (FAQs) about PYUSD Supply Increase

What is the main focus of the article?

The main focus of the article is the significant increase in the supply of Paypal’s stablecoin, PYUSD, by 49% since the end of September. It also examines the distribution among leading holders and notes a 55% rise in the number of account holders.

How many unique PYUSD holders are there as of the latest data?

As of the latest data, there are 1,438 unique PYUSD holders, representing a 55% increase since September 30, 2023.

What is the market capitalization of PYUSD?

PYUSD has a market capitalization of $140 million, ranking it 13th among USD-pegged stablecoins by market value and 206th across more than 10,000 cryptocurrencies.

Who are the top holders of PYUSD?

Crypto.com is the top holder of PYUSD with 98.21 million tokens, followed by Paxos, which holds the second and third largest wallets. Kraken and Curve Finance are also among the top five holders.

How does PYUSD’s transaction count compare to other stablecoins like USDT and USDC?

PYUSD had a total of 8,307 transactions, which is considerably lower compared to USDT’s 204 million transfers and USDC’s 73 million transactions.

Are there any anonymous or unidentified holders in the top ten PYUSD accounts?

Yes, the identity of the seventh and tenth largest PYUSD holders remains unknown. The seventh largest holder’s wallet also contains other digital assets worth $3.08 million.

Where does PYUSD rank among USD stablecoins by market value?

PYUSD currently occupies the 13th position among USD-pegged stablecoins by market capitalization.

What significant changes have occurred in PYUSD’s distribution landscape?

While the majority of PYUSD is still concentrated among a few top holders, the article notes that the distribution schema has undergone significant changes, particularly among the leading stakeholders.

More about PYUSD Supply Increase

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10 comments

JohnDoeCrypto October 26, 2023 - 1:44 am

Whoa, didn’t see that coming. PYUSD making moves huh? Crypto.com owning that much is kinda surprising.

Reply
MarketWatchMel October 26, 2023 - 3:18 am

So the top 100 still own nearly all of it? thats not really ‘decentralized’ is it?

Reply
CoinChaser October 26, 2023 - 4:34 am

interesting how unknown entities hold significant portions. Kinda makes you wonder who’s really pulling the strings.

Reply
SkepticalSam October 26, 2023 - 5:25 am

A 49% jump in a month! This kind of volatlity in a stablecoin’s supply seems a bit worrisome, doesn’t it?

Reply
TimTheTrader October 26, 2023 - 7:42 am

For a stablecoin, thats an unstable growth. Are they planning to take on the big players?

Reply
TheAnalyst October 26, 2023 - 8:17 am

Excellent data compilation. It’s a clear snapshot of PYUSD’s current standing. But let’s not forget it’s still miles away from USDT and USDC in terms of transactions.

Reply
NewToCrypto October 26, 2023 - 12:37 pm

So what does this mean for the average Joe? should I be looking at PYUSD as a viable option now?

Reply
CryptoQueen October 26, 2023 - 1:27 pm

Love how detailed this is. The top holder info is particularly juicy. Good job!

Reply
FinanceGuru October 26, 2023 - 3:20 pm

Outstanding analysis, very informative. However, would like to know why Paypal itself isnt among the top holders. Seems a bit off.

Reply
TechSavvy October 26, 2023 - 4:08 pm

Mystery holders and fast growth? Smells like something big is in the works for PYUSD.

Reply

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