貝寶（Paypal）的pyusd stablecoin市值超過$ 1B

貝寶（Paypal）的美元支持的Stablecoin Pyusd在市值越過了10億美元的門檻之後，已重新成為備受關注的焦點 - 與2024年8月首次達到其歷史最高水平。

PayPal’s U.S. dollar-backed stablecoin, PYUSD, has returned to the $1 billion market capitalization threshold, a milestone last seen in August 2024.

貝寶（Paypal）的美元支持的Stablecoin Pyusd已恢復到10億美元的市值門檻，這是2024年8月最後一次出現的里程碑。

The stablecoin’s circulating supply is now sitting at around $1.01 billion, more than double the local low of $498 million reached at the start of 2025.

Stablecoin的循環供應現在約為10.1億美元，是2025年初到達4.98億美元的當地低點的兩倍以上。

According to DeFiLlama, $PYUSD is now the 10th largest stablecoin by market cap as of June 2025.

根據Defillama的說法，截至2025年6月，$ Pyusd現在是市值第十大的Stablecoin。

This suggests a more sustainable trajectory for PYUSD compared to last year, where rapid growth was partly fueled by ecosystem incentives within the Solana decentralized finance (DeFi) domain.

這表明與去年相比，PYUSD的軌跡更具可持續性的軌跡，在Solana分散融資（DEFI）領域內的生態系統激勵措施促進了快速增長。

At the time, DeFi protocols on Solana were offering generous rewards for PYUSD usage, which in turn drove up demand for the stablecoin on that chain. The frenzy briefly led to a surprising milestone: for a short period in August 2024, more $PYUSD was circulating on Solana than on Ethereum, the dominant blockchain for stablecoins.

當時，Solana上的Defi協議為Pyusd使用提供了慷慨的獎勵，這反過來促使對該鏈上的穩定菌的需求提高了需求。瘋狂的狂熱導致了一個令人驚訝的里程碑：在2024年8月的短時間內，Pyusd在Solana上流通於Solana，而不是在Ethereum上，Ethereum是Stablecoins的主要區塊鏈。

Although Ethereum remains the primary home for stablecoin assets under management (AUM) – currently holding over $125 billion – Solana trails behind with around $11 billion.

儘管以太坊仍然是管理中的Stablecoin資產（AUM）（目前持有超過1,250億美元）的主要住所，索拉納（Solana）落後於110億美元。

But PYUSD’s renewed ascent in 2025 appears less dependent on ecosystem incentives, and more on strategic growth initiatives from PayPal and its issuer, Paxos Trust Company.

但是，Pyusd在2025年的續期升級似乎較少依賴生態系統激勵措施，而更多地研究了PayPal及其發行人Paxos Trust Company的戰略增長計劃。

Launched in August 2023, PYUSD is a fully collateralized stablecoin that is pegged 1:1 to the U.S. dollar. Issued by Paxos and regulated by the New York State Department of Financial Services (NYDFS), PYUSD is backed by dollar deposits, U.S. Treasury bills, and other cash equivalents. Paxos also publishes monthly attestations, offering transparency and compliance with U.S. regulatory standards.

Pyusd於2023年8月推出，是一個完全抵押的Stablecoin，以1：1的固定為美元。 Pyusd由Paxos發行，並由紐約州金融服務部（NYDFS）（NYDFS）監管。 Paxos還發布了每月證明，提供透明度和遵守美國監管標準。

An ERC-20 token issued on the Ethereum blockchain, PayPal USD will be available to an already large and growing community of external developers, wallets and web3 platforms.

PayPal USD在以太坊區塊鏈上發行的ERC-20代幣將提供給已經很大的外部開發人員，錢包和Web3平台的社區。

The stablecoin is also issued on Solana as an SPL token, giving users access to high-speed, low-cost transactions across two leading smart contract platforms. It is deeply integrated into PayPal’s platform, where users can buy, sell, hold, and transfer PYUSD seamlessly – often with zero fees for in-network transactions. The stablecoin can also be used for merchant checkout and peer-to-peer payments within PayPal’s massive user base of over 400 million.

STABLECOIN也在Solana上作為SPL代幣發行，使用戶可以在兩個領先的智能合同平台上訪問高速，低成本的交易。它被深入集成到PayPal的平台中，用戶可以無縫地購買，出售，持有和轉移Pyusd - 通常用於網絡內交易的費用為零。該穩定的人還可以用於貝寶（Paypal）超過4億的大量用戶群中的商人結帳和點對點付款。

Beyond consumer use, PYUSD is making inroads in the business and institutional payments domain. In September 2024, PayPal completed its first corporate transaction using PYUSD, when Ernst & Young processed a cross-border payment through SAP’s blockchain-enabled enterprise system. This move highlighted the growing role of stablecoins in digitizing B2B payments traditionally dominated by SWIFT and legacy banking rails.

除了消費者的使用之外，Pyusd還在商業和機構支付領域中進取。 2024年9月，PayPal通過PYUSD完成了其第一次公司交易，當時Ernst＆Young通過SAP的啟用區塊鏈企業系統處理了跨境付款。這一舉動強調了Stablecoins在傳統上以Swift和Legacy Banking Rails主導的B2B支付數字化的作用日益增長的作用。

To encourage broader adoption, PayPal began offering a 3.7% annual yield on PYUSD balances in early 2025, paid out monthly to eligible U.S. users. This yield feature positions PYUSD as a competitive stablecoin for both retail savers and DeFi participants, adding a new layer of utility beyond just payments.

為了鼓勵更廣泛的採用，PayPal在2025年初開始提供3.7％的Pyusd餘額年收益率，每月向合格的美國用戶支付。該收益率特徵將PYUSD定位為零售儲蓄器和Defi參與者的競爭性穩定股，增加了一層新的公用事業，而不僅僅是付款。

Meanwhile, exchanges like Coinbase have joined the push, allowing users to trade PYUSD with zero fees and enabling seamless USD redemption – putting PYUSD in direct competition with incumbents like Circle’s USDC and Tether’s USDT.

同時，像Coinbase這樣的交流加入了推動力，使用戶可以以零費用進行交易，並實現無縫的美元兌換 - 使Pyusd與Circle的USDC和Tether的USDT等現任人直接競爭。

PYUSD’s return to the $1 billion milestone also comes as stablecoins increasingly assert themselves as foundational products in crypto finance. The total market capitalization of all stablecoins now exceeds $238 billion, a testament to their growing use in trading, payments, and as on-chain cash equivalents.

Pyusd返回10億美元的里程碑也出現，因為Stablecoins越來越多地將自己作為加密貨幣金融中的基礎產品。現在，所有Stablecoins的總市值超過2380億美元，這證明了它們在交易，付款和鏈上現金當量的日益增長的用途。