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[PayPal Stablecoin PYUSD Market Value Falls To $618 Million, Down 40% From August High] According To The Block, PayPal's Stablecoin PYUSD Has Been Losing Market Share Since It Reached A High Of More Than $1 Billion In Market Value At The End Of August (the Fourth Largest Stablecoin At The Time). The Token Currently Has A Market Value Of $618 Million, Down 40% In The Past Month And A Half. The Market Value Of Solana-based PYUSD Is Currently About $267 Million, Down From A High Of More Than $600 Million In August. At The Same Time, More Than $350 Million Of PYUSD Tokens Are Circulating On Ethereum. The Growth Of The Stablecoin Has Been Largely Due To PayPal's Partnership With Solana's Lending Market Kamino Finance, Which Has Agreed To Pay PYUSD Holders High Returns Subsidized By The Payment Giant. In Recent Weeks, The Yield On PYUSD Deposits On The Lending Protocol Kamino Has Fallen From About 17% To Below 7%. The Double-digit Annualized Rewards Provided To PYUSD Holders By Solana-based Protocols Drift And Marginfi Have Also Been Hit. However, This Trend May Be Reversed. On Tuesday, Kamino Added PYUSD To Its “Altcoin Markets,” Enabling Users To Borrow Against Their Positions In Meme Coins Like WIF, POPCAT And BONK. The Arrangement Will Pay Depositors Additional PYUSD Rewards Totaling $10,000 Per Week. By Comparison, PYUSD Lenders On Ethereum-based Decentralized Exchange Aave Currently Earn A Yield Of About 4.3%. Over A Similar Six-week Period, The Market Capitalizations Of The Two Major Stablecoins, USDT And USDC, Remained Largely Stable. Since August 31, Tether’s Stablecoin Market Capitalization Has Increased By $1 Billion, While Circle’s Token Market Capitalization First Increased By $2 Billion And Then Decreased By $2 Billion
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