PayPal launched its stablecoin PYUSD launched in August last year.

Originally launched as an ERC-20 token, PYUSD expanded to Solana's blockchain in May this year.

PYUSD's growth is likely to continue as PayPal is heavily focused on regulatory compliance, and it says that 100 percent of PYUSD is backed.

PYUSD has recently reached the coveted $1 billion mark in terms of market cap.

At the time of writing, it has a market cap of $1.018 billion, with a circulating supply of $1.019 billion.

This is because, like most stablecoin, PYUSD's value hovers around the $1 mark.

Over the last 24 hours, the value has gone from $0.9994 to $1.0005.