PayPal的Pyusd Stablecoin接近$ 1B的市值，自2025年初以來翻了一番

在競爭激烈的穩定市場市場中，這種複蘇是出於許多新進入者的支持。但是，Pyusd的採用總體上仍然很低，並且其供應高度集中。

PayPal’s PYUSD stablecoin is approaching a $1 billion market cap, nearly doubling since the start of 2025. This recovery comes amid an increasingly competitive stablecoin market, with many new entrants backed by major financial institutions and a growing demand for yield.

貝寶（Paypal）的Pyusd Stablecoin接近10億美元的市值，自2025年初以來幾乎翻了一番。這次復蘇是在競爭激烈的Stablecoin市場中，許多新進入者都得到了主要的金融機構的支持，並且對收益率的需求不斷增長。

However, PYUSD adoption remains low overall, and its supply is highly concentrated, raising concerns about liquidity and stability.

但是，Pyusd的採用總體上仍然很低，其供應高度集中，這引起了人們對流動性和穩定性的擔憂。

PYUSD Market Cap Doubles Since Early 2025

自2025年初以來，Pyusd市值加倍

Launched in Q3 2023, PayPal’s PYUSD stablecoin initially struggled with limited adoption despite the early hype. By early 2024, its market cap dropped by nearly half.

貝寶（Paypal）的Pyusd Stablecoin於2023年第三季度發射，儘管早期炒作，但最初在有限的採用方面掙扎。到2024年初，其市值下降了近一半。

However, the market environment in 2025 has helped PYUSD regain momentum. Growing demand and trust in stablecoins contributed to PYUSD’s recovery.

但是，2025年的市場環境幫助Pyusd恢復了動力。需求不斷增長和對Stablecoins的信任促成了Pyusd的恢復。

According to data from BeInCrypto, PYUSD’s market cap reached $984 million by June. This is a significant recovery from $490 million at the beginning of the year. At this pace, PYUSD could soon surpass its previous $1 billion peak from August 2024.

根據Beincrypto的數據，PYUSD的市值在6月到達了9.84億美元。這是從今年年初的4.9億美元中恢復的。按照這種速度，Pyusd很快就會從2024年8月開始超過其前10億美元的高峰。

Token Terminal data also shows strong growth in PYUSD’s circulating across both Ethereum and Solana blockchains. This marks a key milestone in PayPal’s expansion strategy into decentralized finance (DeFi).

令牌末端數據還顯示了Pyusd在以太坊和索拉納區塊鏈中循環的強勁增長。這標誌著PayPal擴展策略到分散融資（DEFI）的關鍵里程碑。

“PayPal’s PYUSD hits $1bn in outstanding supply ~2 years from launch. How will it take to scale from $1bn to $10bn?” - Token Terminal said.

“貝寶（Paypal）的Pyusd從發射開始時達到了2億美元的未償供應。如何從10億美元提高到10億美元？” - 象徵碼頭說。

The US Securities and Exchange Commission (SEC) also recently concluded its investigation into PYUSD. The closure of the case helped ease concerns among PYUSD holders.

美國證券交易委員會（SEC）最近還締結了對Pyusd的調查。該案的關閉有助於緩解Pyusd持有人之間的擔憂。

Moreover, PayPal has joined the stablecoin yield race. It now offers a 3.7% annual return on PYUSD. Meanwhile, BeInCrypto reported that the market cap for yield-bearing stablecoins surpassed $10 billion in 2025.

此外，貝寶（Paypal）也加入了Stablecoin收益賽。現在，它提供了Pyusd的年收益3.7％。同時，Beincrypto報導說，承擔屈服的穩定股的市值超過了2025年的100億美元。

PYUSD Supply Is Concentrated in the Hands of Whales

Pyusd供應集中在鯨魚的手中

Despite the growth, the concentration of PYUSD among large holders raises concerns about liquidity and stability.

儘管增長了，但大型持有人的pyusd集中卻引起了人們對流動性和穩定性的擔憂。

Data from CoinMarketCap shows that whale wallets holding more than 1% of PYUSD supply control nearly 91% of the total.

來自CoinMarketCap的數據表明，佔PYUSD供應控制量超過1％的鯨魚錢包近91％。

Dune Analytics data reveals that the top 5 PYUSD wallets hold over $820 million, or more than 80% of the supply.

Dune Analytics數據顯示，前5個PYUSD錢包持有超過8.2億美元，佔供應量的80％以上。

A similar issue affects USD1, the newly launched and controversial stablecoin from World Liberty Financial. According to Kaiko, over half of USD1’s liquidity comes from just three wallets.

一個類似的問題影響了USD1，這是世界自由金融的新發起且有爭議的Stablecoin。根據Kaiko的說法，USD1的流動性中有一半超過三個錢包。

This raises questions about genuine market demand. Many new stablecoins rely on wallets linked to their development teams rather than actual user adoption.

這引發了有關真正的市場需求的疑問。許多新的Stablecoins依靠與其開發團隊相關的錢包，而不是實際採用的用戶。

Still, lawmakers remain optimistic about stablecoins. Treasury Secretary Scott Bessent recently projected that USD-backed stablecoins could exceed $2 trillion in market cap by 2028.

儘管如此，立法者仍然對穩定幣保持樂觀。財政部長斯科特·貝斯特（Scott Bessent）最近預計，到2028年，以美元支持的穩定幣可能超過2萬億美元的市值。

Meanwhile, the US Senate has passed the GENIUS Act, signaling bipartisan support for its new amendments.

同時，美國參議院通過了《天才法》，這表明了兩黨對其新修正案的支持。