Coin Edition 28 Oct 2024

Stablecoin Market Dips 2.7% as PYUSD Rewards Decline Impacts Growth 📉

Stablecoin PYUSD PayPal

The stablecoin market experienced a 2.7% decline since August 30, 2023, and is currently valued at $170.93 billion. Despite the substantial increase in supply by 100 times since 2019, the recent decrease is largely due to specific market shifts.

One major factor contributing to this decline is the significant 40% drop in the market capitalization of PayPal’s PYUSD stablecoin. This situation is further exacerbated by a decrease in the rewards associated with PYUSD, which fell from an initial 17%.

Source: coinedition.com ↗

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