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

在竞争激烈的稳定市场市场中，这种复苏是出于许多新进入者的支持。但是，Pyusd的采用总体上仍然很低，并且其供应高度集中。

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.

贝宝（Paypal）的Pyusd Stablecoin接近10亿美元的市值，自2025年初以来几乎翻了一番。这次复苏是在竞争激烈的Stablecoin市场中，许多新进入者都得到了主要的金融机构的支持，并且对收益率的需求不断增长。

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

但是，Pyusd的采用总体上仍然很低，其供应高度集中，这引起了人们对流动性和稳定性的担忧。

PYUSD Market Cap Doubles Since Early 2025

自2025年初以来，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.

贝宝（Paypal）的Pyusd Stablecoin于2023年第三季度发射，尽管早期炒作，但最初在有限的采用方面挣扎。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年的市场环境帮助Pyusd恢复了动力。需求不断增长和对Stablecoins的信任促成了Pyusd的恢复。

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.

根据Beincrypto的数据，PYUSD的市值在6月到达了9.84亿美元。这是从今年年初的4.9亿美元中恢复的。按照这种速度，Pyusd很快就会从2024年8月开始超过其前10亿美元的高峰。

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).

令牌末端数据还显示了Pyusd在以太坊和索拉纳区块链中循环的强劲增长。这标志着PayPal扩展策略到分散融资（DEFI）的关键里程碑。

“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.

“贝宝（Paypal）的Pyusd从发射开始时达到了2亿美元的未偿供应。如何从10亿美元提高到10亿美元？” - 象征码头说。

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.

美国证券交易委员会（SEC）最近还缔结了对Pyusd的调查。该案的关闭有助于缓解Pyusd持有人之间的担忧。

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，贝宝（Paypal）也加入了Stablecoin收益赛。现在，它提供了Pyusd的年收益3.7％。同时，Beincrypto报道说，承担屈服的稳定股的市值超过了2025年的100亿美元。

PYUSD Supply Is Concentrated in the Hands of Whales

Pyusd供应集中在鲸鱼的手中

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

尽管增长了，但大型持有人的pyusd集中却引起了人们对流动性和稳定性的担忧。

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

来自CoinMarketCap的数据表明，占PYUSD供应控制量超过1％的鲸鱼钱包近91％。

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

Dune Analytics数据显示，前5个PYUSD钱包持有超过8.2亿美元，占供应量的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.

一个类似的问题影响了USD1，这是世界自由金融的新发起且有争议的Stablecoin。根据Kaiko的说法，USD1的流动性中有一半超过三个钱包。

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

这引发了有关真正的市场需求的疑问。许多新的Stablecoins依靠与其开发团队相关的钱包，而不是实际采用的用户。

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.

尽管如此，立法者仍然对稳定币保持乐观。财政部长斯科特·贝斯特（Scott Bessent）最近预计，到2028年，以美元支持的稳定币可能超过2万亿美元的市值。

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

同时，美国参议院通过了《天才法》，这表明了两党对其新修正案的支持。