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PayPal’s PYUSD stablecoin market cap is down 40% from its high above $1 billion in August The Block 16 Oct 2024

PayPal’s PYUSD stablecoin market cap is down 40% from its high above $1 billion in August 📉

PayPal's PYUSD stablecoin has experienced a significant market cap decline, falling 40% from its peak of over $1 billion in August. This downturn is largely linked to decreased yield payouts on decentralized finance platforms.

Specifically, the Solana-based lending protocol Kamino has been identified as contributing to these lower yield payouts. Investors and users are seemingly reacting to these financial shifts.

This development highlights the sensitivity of stablecoin markets to interest or yield fluctuations, especially when linked to blockchain protocols.

Source: www.theblockcrypto.com ↗