The circulation of PayPal's USD stablecoin PYUSD has risen sharply in recent months. Driven by DeFi protocols and incentives, it has increased to over $3.8 billion, growing by about 224% in the past three months. PYUSD is now the world's sixth-largest stablecoin, second only to World Liberty Financial's USD1. The decentralized protocol Ethena has become the largest holder of PYUSD, holding about $1.2 billion PYUSD through the custodian Copper. (DL News)
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The circulation of PayPal's USD stablecoin PYUSD has risen sharply in recent months. Driven by DeFi protocols and incentives, it has increased to over $3.8 billion, growing by about 224% in the past three months. PYUSD is now the world's sixth-largest stablecoin, second only to World Liberty Financial's USD1. The decentralized protocol Ethena has become the largest holder of PYUSD, holding about $1.2 billion PYUSD through the custodian Copper. (DL News)