PayPal's PYUSD retreats as stablecoin competition intensifies

PayPal's stablecoin PYUSD is losing ground as the stablecoin race heats up. After reaching an all-time high market capitalization above $4.2B in March, PYUSD has steadily contracted. Its market cap now sits at $2.74B, down nearly 35% from the peak. The pullback raises a familiar question for the market: will stablecoins remain dominated by Tether and Circle?