PYUSD Skyrockets, Market Capitalization Is Almost IDR 15 Trillion In Months

PYUSD skyrocketed, market capitalization of almost IDR 15 trillion in a matter of months (Photo; Doc. fxcintel)

JAKARTA - PayPal continues to strengthen its position in the digital financial world with the impressive achievement of its stablecoin, PayPal USD (PYUSD). In less than a year since its launch, PYUSD has almost reached a market capitalization of US$1 billion (around Rp15 trillion). This success reflects the increasing demand for digital assets that are stable and supported by fiat, especially in the fast digitalization era.

Launched in 2023, PYUSD was designed as a stablecoin pegged at a US dollar value of 1:1, offering stability amid the volatility of the crypto market. The stablecoin was issued by the Paxos Trust Company, an entity regulated by US authorities, making it a reliable choice for digital transactions.

PYUSD was built on the Ethereum blockchain as an ERC-20 token, leveraging a strong and extensive infrastructure. This allows seamless integration with third-party developers, digital wallets, and Web3 apps, expanding its utility in the blockchain ecosystem.

The success of PYUSD reflects the increasing demand for digital assets that are stable and supported by fiat, especially in the fast digitalization era. Quoted from Crypto News, President and CEO of PayPal, Dan Schulman, emphasizing the importance of reliable, easy-to-integrable financial instruments, and supported by fiat currencies such as the US dollar.

PYUSD meets this need by offering a stable value, so as to reduce the volatility that usually occurs in crypto assets. In addition, PYUSD is the only stablecoin supported by PayPal's wide payment infrastructure, making it a key element in the company's strategy to bridge traditional finance with decentralized finance (DeFi).

With market capitalization continuing to increase, PYUSD shows great potential for fintech companies like PayPal to influence and shape the future of digital payments. Support from big names such as PayPal and regulated publishers such as Paxos provides an additional layer of credibility that many other stablecoins do not have.