PYUSD stablecoin market cap drops to $618 million, down 40% from high

BlockBeats reported that on October 17, the market value of the PYUSD stablecoin fell to $618 million, down 40% from the high of over $1 billion at the end of August, mainly due to the reduction in the circulation of PYUSD on the Solana network.

DragonFly Capital managing partner Haseeb Quresh said that the decline in PYUSD yields on platforms such as Kamino, Drift and MarginFi has led to a decrease in the market value of the PYUSD stablecoin.