PYUSD adds 863 wallets as market cap falls 24%

PayPal USD added 863 new wallets in a single day, the strongest daily increase since April 8, according to on-chain analytics firm Santiment. At the same time, PYUSD’s market capitalization is about 24% lower than in late May, near $2.73 billion.

Santiment’s data show wallet counts rose while the token’s circulating supply did not expand at the same rate. The firm noted a gap between rising address counts and a smaller circulating supply.

Santiment highlighted recent product updates tied to the stablecoin, including support for merchant settlements and native integration on the Polygon network. The firm pointed to those integrations when discussing the recent rise in wallet activity.

Circle’s latest report showed USD Coin’s circulating supply grew 19% year over year to $73.3 billion, while USDC on-chain transaction volume increased 151% to $14.8 trillion over the same period. The report noted a renewed partnership with Coinbase and cited higher transaction and settlement usage as factors behind the divergence between supply and on-chain throughput.

Trading data show total stablecoin market capitalization declined by about $16 billion over the past three months. Santiment and Circle figures indicate PYUSD and USDC recorded higher usage and settlement activity even as overall stablecoin market value contracted.

Stablecoins are digital tokens used for trading, payments and on-chain settlement. Market observers track circulating supply, market capitalization, wallet counts and on-chain transaction volume to measure adoption and liquidity.