PayPal’s PYUSD token saw its market cap shrink dramatically after reaching a March peak of $4.20 billion, while Circle executed a historic $4.40 billion USDC transfer to the Coinbase Hyperliquid deployer.
Stablecoin Market Landscape
The stablecoin sector now commands a total market value of $315.62 billion, according to the latest data. Tether’s USDT retains the lead with a 59 % share, and Circle’s USDC follows at 24 %. Investors continue to favor these two coins for their liquidity and blockchain integration.
PYUSD Contraction Across Chains
After its peak, PYUSD’s market cap fell about 35 %, settling at $2.47 billion. Of that amount, $1.80 billion resides on the Ethereum blockchain, while the Solana, Arbitrum One, and Stellar Lumens networks hold $703 million, $261 million, and $3 million respectively. The decline reflects shifting investor sentiment toward more established stablecoins.
Circle’s USDC Expansion and Market Effects
Circle’s record‑size USDC transfer of $4.40 billion reshaped liquidity depth on both Coinbase and the HyperliquidX platform. In the past 24 hours, Circle also minted $750 million of USDC on Solana, pushing the coin’s total market cap to $74.78 billion. The asset transfer count for USDC over the previous week reached $133.6 million, underscoring robust activity among crypto investors.