贝宝（Paypal）的pyusd stablecoin市值超过$ 1B

贝宝（Paypal）的美元支持的Stablecoin Pyusd在市值越过了10亿美元的门槛之后，已重新成为备受关注的焦点 - 与2024年8月首次达到其历史最高水平。

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

贝宝（Paypal）的美元支持的Stablecoin Pyusd已恢复到10亿美元的市值门槛，这是2024年8月最后一次出现的里程碑。

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的循环供应现在约为10.1亿美元，是2025年初到达4.98亿美元的当地低点的两倍以上。

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

根据Defillama的说法，截至2025年6月，$ Pyusd现在是市值第十大的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.

这表明与去年相比，PYUSD的轨迹更具可持续性的轨迹，在Solana分散融资（DEFI）领域内的生态系统激励措施促进了快速增长。

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.

当时，Solana上的Defi协议为Pyusd使用提供了慷慨的奖励，这反过来促使对该链上的稳定菌的需求提高了需求。疯狂的狂热导致了一个令人惊讶的里程碑：在2024年8月的短时间内，Pyusd在Solana上流通于Solana，而不是在Ethereum上，Ethereum是Stablecoins的主要区块链。

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

尽管以太坊仍然是管理中的Stablecoin资产（AUM）（目前持有超过1,250亿美元）的主要住所，索拉纳（Solana）落后于110亿美元。

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年的续期升级似乎较少依赖生态系统激励措施，而更多地研究了PayPal及其发行人Paxos Trust Company的战略增长计划。

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于2023年8月推出，是一个完全抵押的Stablecoin，以1：1的固定为美元。 Pyusd由Paxos发行，并由纽约州金融服务部（NYDFS）（NYDFS）监管。 Paxos还发布了每月证明，提供透明度和遵守美国监管标准。

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在以太坊区块链上发行的ERC-20代币将提供给已经很大的外部开发人员，钱包和Web3平台的社区。

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上作为SPL代币发行，使用户可以在两个领先的智能合同平台上访问高速，低成本的交易。它被深入集成到PayPal的平台中，用户可以无缝地购买，出售，持有和转移Pyusd - 通常用于网络内交易的费用为零。该稳定的人还可以用于贝宝（Paypal）超过4亿的大量用户群中的商人结帐和点对点付款。

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.

除了消费者的使用之外，Pyusd还在商业和机构支付领域中进取。 2024年9月，PayPal通过PYUSD完成了其第一次公司交易，当时Ernst＆Young通过SAP的启用区块链企业系统处理了跨境付款。这一举动强调了Stablecoins在传统上以Swift和Legacy Banking Rails主导的B2B支付数字化的作用日益增长的作用。

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.

为了鼓励更广泛的采用，PayPal在2025年初开始提供3.7％的Pyusd余额年收益率，每月向合格的美国用户支付。该收益率特征将PYUSD定位为零售储蓄器和Defi参与者的竞争性稳定股，增加了一层新的公用事业，而不仅仅是付款。

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.

同时，像Coinbase这样的交流加入了推动力，使用户可以以零费用进行交易，并实现无缝的美元兑换 - 使Pyusd与Circle的USDC和Tether的USDT等现任人直接竞争。

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10亿美元的里程碑也出现，因为Stablecoins越来越多地将自己作为加密货币金融中的基础产品。现在，所有Stablecoins的总市值超过2380亿美元，这证明了它们在交易，付款和链上现金当量的日益增长的用途。