PayPal USD adds 863 wallets as market cap falls 24%

PayPal USD recorded a gain of 863 new wallets in a single day, the largest daily increase since April 8, according to Santiment data. The spike in wallet creation occurred as the token’s market capitalization declined roughly 24% from late May to about $2.73 billion.

Santiment’s figures show holder counts on major networks have continued to rise even as circulating supply metrics lag. The reported growth in new wallets coincided with recent updates to PayPal’s payments setup, including support for merchant settlements and native integration with the Polygon network.

Circle’s latest report found USD Coin’s circulating supply reached $73.3 billion, a 19% increase year over year. The same report recorded on-chain transaction volume of $14.8 trillion, up 151% year over year. Circle also described a renewed partnership with Coinbase to support USDC across exchanges, institutional channels and payment settlement systems.

Over the past three months, total stablecoin market capitalization declined by roughly $16 billion. At the same time, data from Santiment and Circle show growth in wallet creation and on-chain transactions outpacing expansion in circulating supply for some issuers.

PayPal’s merchant settlement support and Polygon compatibility provide additional payment and settlement options for PYUSD. Circle’s reported transaction growth reflects heavier use of existing USDC liquidity across exchanges and institutional flows.

Market participants continue to track both supply figures and network activity. For PYUSD, the surge in new wallets marks an increase in user addresses while the smaller market capitalization reflects a reduced circulating supply compared with late May figures. For larger stablecoins such as USDC, changes in transaction volume and settlement roles across exchanges and institutions appear alongside traditional measures of supply.