The circulation of the PayPal stablecoin dropped by 38%.

The total amount of PayPal USD in circulation amounted to $188.5 million in March, which is 39% less than in February 2024. PayPal USD (PYUSD) — a stablecoin issued by the payment giant PayPal and the cryptocurrency company Paxos — experienced a significant decrease in circulation in March.

According to the latest PayPal USD transparency report from Paxos, the circulation of PYUSD was $188.5 million in March — 39% less than in February.

In February and January, the circulation of PayPal USD was $304 million and $301 million, respectively.

As of March 29, the PayPal USD treasury included $14.9 million in United States Treasury bonds, with a nominal value of approximately $14.8 million.

The current market value of the PYUSD collateral in reverse repurchase agreements collateralized by United States Treasury bonds is $177.9 million, with a nominal position value of about $174 million. The total net assets amounted to $192 million, with a nominal position value of $189 million.

The market capitalization of PayPal USD has been declining since late February, after reaching record-high levels of $312 million on February 26, according to CoinGecko data.

*This is not a financial advice