Paypal's stablecoin, PYUSD, has reached a significant milestone by hitting a $1 billion market cap, making it the fifth largest stablecoin. This stablecoin is backed by the US dollar and maintains a stable value around the $1 mark. It has now surpassed USDD and True USD in market cap.
The growth of PYUSD has seemingly impacted the Solana network, which has experienced a 5% drop in its price amid these developments.
