In recent developments, the Solana-based PYUSD stablecoin has rapidly ascended, narrowing the supply disparity with its Ethereum counterpart. Launched a few months ago, the Solana PYUSD -0.12% token has witnessed significant growth, challenging the dominance of PYUSD tokens on the Ethereum network.

As per data from a Dune analytics dashboard referenced by the Solana Foundation, the Solana PYUSD stablecoin’s supply has surged to nearly $240 million since its inception in May. In contrast, Ethereum-based PYUSD tokens currently boast a supply of approximately $348 million, as reported by The Block Data Dashboard.

The Ethereum PYUSD stablecoin has been operational for almost a year, providing a longer period for growth.

Sheraz Shere, GM of Payments at Solana Foundation, commented, “This rapid growth underscores the strength and efficiency of the Solana network.”

The expansion of Solana PYUSD can be attributed, in part, to decentralized exchanges such as Jupiter and Orca, which have integrated PYUSD, facilitating its widespread adoption and circulation.

In the broader stablecoin market, PYUSD and other Solana-based stablecoins represent a small fraction. Dominating the landscape are Tether’s USDT and Circle’s USDC, which primarily leverage the Ethereum and Tron networks. The market capitalization (supply) for USDT and USDC stands at $120 billion and $36 billion, respectively, as indicated by The Block Data Dashboard.

This competitive dynamic highlights the evolving stablecoin ecosystem and Solana’s emerging role within it.