PYUSD Market Cap Drops 35% as Circle Moves $4.4B USDC
PYUSD market cap fell 35% to $2.47B after a March peak of $4.2B, as Circle transferred $4.4B in USDC to a Coinbase Hyperliquid deployer and minted $750M on Solana.
PayPal’s PYUSD market capitalization declined about 35% to $2.47 billion from its March peak of $4.20 billion. The token’s distribution across blockchains was $1.80 billion on Ethereum, $703 million on Solana, $261 million on Arbitrum One and $3 million on Stellar, reflecting a contraction in the weeks after the March high.
Circle moved $4.4 billion in USDC to the Coinbase Hyperliquid deployer, the largest transfer recorded by the issuer. Circle also minted $750 million in USDC on the Solana network in the past 24 hours. Circle’s USDC had an estimated market cap of $74.78 billion as of press time.
The broader stablecoin market had an estimated market capitalization of $315.62 billion at press time. Tether’s USDT accounted for roughly 59% of that market, and USDC represented about 24%.
On-chain activity for the past week showed about 133.6 million USDC asset transfers and about 176.9 million USDT transfers. Over the past month USDC transfer counts rose about 27% to 466 million, while USDT transfer activity increased about 2.1%. Holder counts during the period rose by more than 5% for USDT and by roughly 4.7% for USDC.
Some smaller payment infrastructures also recorded growth. Tempo’s stablecoin supply increased about 35% in one week to roughly $30 million.
Rob Hadick, a partner at Dragonfly, predicted that stablecoin usage could expand roughly tenfold if broader payment adoption occurs, saying wider use would reduce dependence on traditional banking intermediaries.
The $4.4 billion transfer to Coinbase-related infrastructure and the recent minting on Solana took place while PYUSD’s market cap was contracting.
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