14 Aug, 2024

PayPal’s PYUSD Stablecoin on Solana Surpasses Its Supply on Ethereum

Quick Take① The supply of PayPal’s PYUSD stablecoin on Solana surpassed its supply on Ethereum.② The PYUSD stablecoin on Solana has a supply of 377 million, while Ethereum-based PYUSD stands at 356 million.PayPal’s PYUSD Stablecoin on Solana Surpasses Its Supply on EthereumThe supply of PayPal’s U.S. dollar-pegged stablecoin on Solana has surpassed its Ethereum network supply, data shows.Since launching in May, the supply of Solana-based PYUSD tokens has surpassed 377 million. Meanwhile, Etherscan data shows that Ethereum-based PYUSD tokens have a supply of 356 million.PayPal’s U.S. dollar-pegged stablecoin launched on Ethereum in August 2023 through a partnership with custodian firm Paxos. Following its rollout, PYUSD’s supply reached 230 million by the end of 2023. Since then, the total supply of stablecoins has more than tripled — surpassing 733 million (worth $733 million).The stablecoin expanded to Solana in May 2024. There, Solana-based decentralized exchanges like Jupiter and Orca have added PYUSD to their pools, which may have contributed to the stablecoin's growth on the network — along with top centralized stablecoins such as USDC and USDT.PayPal's market cap of $733 million makes it the fourth-largest centralized stablecoin issuer after Tether (USDT), Circle (USDC), and First Digital (FUSD). According to the related data dashboard, USDT and USDC have market caps of $120 billion and $36 billion, respectively.

09 Aug, 2024

Bitcoin and Ethereum Surge Amid Renewed Investor Confidence

Bitcoin Surges Past $62,500, Reversing Recent LossesThe cryptocurrency market experienced a remarkable resurgence on Thursday, swiftly reversing the losses incurred earlier in the week. Bitcoin, the flagship digital asset, surged to $62,500 during late trading hours, significantly rebounding from Monday’s slump when it dipped below $50,000—a level it hadn't seen in nearly six months. This sharp ascent marked a 9.57% gain, bringing the cryptocurrency back into the spotlight as market sentiment shifted dramatically.Ethereum Follows Suit with Double-Digit GainsEthereum, the second-largest cryptocurrency by market capitalization, mirrored Bitcoin’s momentum, climbing by 11.47% to touch $2,700 before stabilizing in the high $2,600s. The broader market recovery also saw Dogecoin rising by 9.93% to $0.1066, reflecting a widespread bullish sentiment that permeated the digital asset space.Market Liquidations and Investor SentimentThis market rebound led to significant liquidations, with over $229 million wiped out in the last 24 hours. Traders betting against the market, particularly those speculating on further declines, faced steep losses totaling $168 million. Notably, Bitcoin’s Open Interest saw a 5.53% increase, while Ethereum’s futures market locked in 6% more funds, underscoring renewed investor confidence.Global Market Cap and Traditional Market CorrelationsThe global cryptocurrency market cap surged to $2.14 trillion, marking an 8.84% rise within the same 24-hour period. This surge was mirrored in traditional markets, where the Nasdaq Composite soared by 2.87%, the S&P 500 climbed 2.30%, and the Dow Jones Industrial Average gained 1.76%, fueled by lower-than-expected jobless claims and easing recession fears.Shifting Market Sentiment: Fear & Greed Index Turns NeutralAmid this rally, the Cryptocurrency Fear & Greed Index, a key market sentiment indicator, shifted from "Extreme Fear" to "Neutral," suggesting a significant reduction in investor anxiety. Analysts remain optimistic, with pseudonymous expert Rekt Capital predicting that Bitcoin could reclaim the $65,000 level if it maintains support above $60,600. Similarly, prominent trader Ali Martinez has taken a bullish stance on Ethereum, citing widespread pessimism as a counter-indicator and eyeing $2,930 as the next target for the altcoin giant.Looking Ahead: Can the Momentum Be Sustained?As the week unfolds, the market's attention remains fixed on whether this bullish momentum can be sustained, particularly in the face of ongoing global economic uncertainties. The coming days will likely reveal whether this recovery marks the beginning of a new upward trajectory or simply a temporary respite in an otherwise volatile market.