PayPal's Solana-based PYUSD +0.11% stablecoin launched a few months ago and it appears the token's supply is already closing the gap on PYUSD tokens on the Ethereum network.

Solana-based PYUSD stablecoins currently have a supply of nearly $240 million since launching in May, according to a Dune analytics dashboard cited by Solana Foundation. Ethereum-based PYUSD tokens have a supply of about $348 million, according to The Block Data Dashboard.

PYUSD on Ethereum launched close to a year ago.

"This rapid growth underscores the strength and efficiency of the Solana network," said Sheraz Shere, GM of Payments at Solana Foundation.

Solana-based decentralized exchanges like Jupiter and Orca, which added PYUSD, may have contributed to the swelling growth of PYUSD stablecoins on the Solana network.

Broadly, PYUSD and Solana-based stablecoins occupy a relatively small sliver of the overall stablecoin market. Supply for the two leading stablecoins, Tether's USDT and Circle's USDC, primarily utilize the Ethereum and Tron networks. USDT and USDC's market cap (supply) sit at $120 billion and $36 billion, respectively, according to The Block Data Dashboard.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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