$PYUSD holders have risen by a whopping 55% in October 2023. But 99.95% of its current supply is held by its top 100 holders.
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Paypal’s Stablecoin Users Grow
$PYUSD, Paypal’s stablecoin has witnessed a huge growth in its ecosystem in the the number of unique addresses and transactions.
The number of unique addresses that held $PYUSD as of September 30 2023 stood at 924 wallets. While the total number of transactions stood at 180 since its launch. Today, the number of unique addresses holding the stablecoin stands at 1,471 while the total number of transactions stands at 8,4541 at the time of writing.
More $PYUSD Has Been Issued
PYUSD has seen a substantial surge of 49.22% in its supply since the close of September. At the end of September, there were 94.39 million PYUSD tokens in circulation; presently, this number stands at 140.86 million.
This increase in supply has increased its market cap to $140 million and has moved the stablecoin to number 13th among USD stablecoins in terms of market value. It currently ranks 206th amongst other cryptocurrencies.
This substantial growth in PYUSD’s circulating supply is indicative of its increasing prominence within the stablecoin landscape, and it highlights its rising stature in the broader cryptocurrency market.
Imbalance amongst holders while the number of unique addresses continues to grow, the greater percentage of its supply is held by a few addresses
A Crypto.com wallet currently stands as the top PYUSD holder, wielding 106.411 million tokens, equivalent to 71.73% of the total supply. A Paxos wallet secures the second and third position, holding 28.8 and 4.8 million tokens respectively which are over 20% of the total supply.
Will this uneven distribution mar the growth of this promising stablecoin?