Payments giant PayPal's (PYPL) stablecoin PYUSD surpassed the $1 billion mark in market capitalization last week, CoinMarketCap shows. Issued in conjunction with fintech company Paxos, PYUSD achieved this milestone as it more than doubled its supply since June. Despite the broader crypto markets cooling off during the summer doldrums, PYUSD user activity also surged. Monthly active wallet addresses topped 25,000 in July, up from 9,400 in May, according to Visa's stablecoin dashboard created with Alluvium. PayPal's entrance to stablecoins was touted as a "watershed" moment for the broader crypto industry last year.
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