PayPal USD experienced a significant decline in market capitalization, falling from a peak of 1,010 million USD in August 2024 to approximately 515.17 million USD in January 2025. This reflects a broader trend of waning interest in tokenized assets within the crypto market, especially as its dominance on the Solana network has diminished.
As of January 2025, Ethereum holds 67.21% of the circulating supply of PayPal USD, while the stablecoin continues to show significant on-chain activity. Despite the loss in market cap, its supply on both Ethereum and Solana networks has increased, sparking speculation about its future viability.