Particle.news
Download on the App Store
3 ARTICLES
·
4h ago

PYUSD Market Cap Tops $1 Billion Following PayPal–Spark DeFi Partnership

SparkLend integration taps an $8 billion reserve to deliver predictable on-chain liquidity for the Paxos-issued stablecoin.

Image

Overview

  • PayPal partnered with DeFi platform Spark on Sept. 25 to bring PYUSD to SparkLend for on-chain liquidity and lending.
  • The integration lets users supply and borrow PYUSD, a dollar-pegged token issued by Paxos, with support from Spark’s $8 billion stablecoin reserve.
  • The program targets growth of PYUSD deposits from roughly $100 million to $1 billion as liquidity scales.
  • PYUSD now ranks as the ninth-largest stablecoin by market value, according to Yahoo Finance.
  • Stablecoin usage has expanded, with global supply up about $30 billion to $263 billion and daily volumes over $100 billion, and Spark’s record includes $630 million in bitcoin-backed loans to Coinbase.