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According to ChainCatcher, citing DL News, the circulating supply of PayPal's stablecoin PYUSD has surged by 224% since September, surpassing $3.8 billion and becoming the sixth largest stablecoin. The DeFi protocol Ethena has become the largest holder of PYUSD, holding $1.2 billion through the custodian Copper. PayPal, in cooperation with liquidity management company Sentora, provides incentives on the decentralized exchange Curve Finance and subsidizes yields for DeFi protocol users. The Solana lending protocol Kamino currently offers nearly 6% annualized yield for lending PYUSD, with part of the yield subsidized by PayPal. Over the past three months, the scale of PYUSD on Solana has increased from $250 million to over $1 billion. U.S. Treasury Secretary Scott Besant expects the stablecoin market to reach $3 trillion by 2030.

ChainCatcher news, according to Cointelegraph, international credit rating agency Fitch Ratings has issued a report warning that it may negatively reassess US banks with "significant" cryptocurrency exposure. Fitch Ratings stated that while cryptocurrency integration can enhance fees, yields, and efficiency, it also brings "reputational, liquidity, operational, and compliance" risks to banks. The report pointed out that stablecoin issuance, deposit tokenization, and blockchain technology applications provide banks with opportunities to improve customer service, but banks need to fully address challenges such as cryptocurrency value volatility, the pseudonymity of digital asset owners, and the protection of digital assets against theft. The report also emphasized that if the stablecoin market grows to a scale large enough to impact the Treasury market, it could pose systemic risks. Major banks such as JPMorgan, Bank of America, Citigroup, and Wells Fargo are all involved in the cryptocurrency sector.