Once ranked as the fourth-largest stablecoin, its press time market cap sat at $618 million, reflecting a sharp 40% reduction in just over a month.
In a notable milestone, its market capitalization doubled between July and August, surpassing $1 billion for the first time. Other SOL-based platforms, like Drift and Marginfi, which once offered similar high returns, have also adjusted their annualized rewards. This points to a broader trend of reduced incentives across these protocols.“PYUSD circulating supply has completely round tripped as the @KaminoFinance incentives they were blasting out have tapered off.”