news2h ago

According To @Whale_alert, Around $300 Million Worth Of @Paypal'S $Pyusd Stablecoin Was Burned In A Single Day, Pointing To A Significant Redemption Event.

The impact was visible almost immediately on $PYUSD's market cap chart. The stablecoin's total market capitalisation dropped from approximately $4.22 billion to $3.72 billion within the space of just two days, at time of writing.

Stablecoin burns of this size typically indicate that a large holder has redeemed their tokens directly with the issuer in exchange for fiat currency, with the issuer then removing the equivalent supply from circulation. While the identity of the party behind the redemption has not been confirmed, the scale of the transaction places it among the more notable single-day burns recorded for $PYUSD.

Launched in 2023, $PYUSD is issued by PayPal in partnership with Paxos Trust Company and is pegged to the US dollar. It is available on both the Ethereum and Solana blockchains.

According To @Whale_alert, Around $300 Million Worth Of @Paypal'S $Pyusd Stablecoin Was Burned In A Single Day, Pointing To A Significant Redemption Event.

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