PYUSD’s Rise to $1 Billion Comes with a Catch: 90% Controlled by Whales

PayPal’s PYUSD stablecoin is approaching a $1 billion market cap, doubling since the start of 2025. This recovery comes amid an increasingly competitive stablecoin market, with many new entrants backed by major financial institutions. However, PYUSD adoption remains low overall, and its supply is highly concentrated. PYUSD Market Cap Doubles Since Early 2025 Launched in Q3 2023, PayPal’s PYUSD stablecoin initially struggled with limited adoption despite the early hype source: https://beincrypto.com/pyusd-stablecoin-1-billion-market-cap/