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According to the latest data from DeFiLlama, PayPal's stablecoin PYUSD has seen a strong surge recently. Its market cap was $1.2 billion in September, but it has now soared past $3.8 billion.
This growth rate is indeed remarkable—it's increased by over 36% in the past month alone and has now climbed to sixth place in the stablecoin market cap rankings. It seems that after traditional payment giants enter the space, they still have a clear advantage in terms of compliance channels and user base.
Compliance plus a strong user base is a killer combo; that's the advantage of traditional giants.
Speaking of which, if this continues, how long can USDC and USDT hold on?
PYUSD is really starting to steal the spotlight; need to keep an eye on it.
The stablecoin landscape is definitely shifting this round, but we'll have to see if they can maintain it going forward.