PYUSD Registers 863 New Wallets, Market Cap Drops 24%
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On August 3, the PayPal USD (PYUSD) stablecoin registered 863 new wallets in a single day, marking its largest daily growth since April 8, according to Santiment. However, the market capitalization of PYUSD has fallen by 24% since the end of May. Santiment indicates that the increase in new wallets occurs before the supply fully recovers. From its peak of $4.206 billion on January 3, 2026, the capitalization has decreased by $2.746 billion, representing a decline of 34%. This increase in wallets is attributed to PayPal's expansion into 70 markets, rewards in PYUSD on PayPal and Venmo, and the acceptance of cryptocurrency payments by merchants in the U.S. Additionally, PYUSD gained native issuance on the Polygon network in July. Santiment concludes that the increase in wallets while market value lags is a healthier sign than mere passive supply growth. PYUSD was launched on August 7, 2023, and maintains a 1:1 parity with the U.S. dollar.
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