PayPal’s PYUSD stablecoin is rapidly approaching a $1 billion market cap, having doubled since the beginning of 2025. However, this remarkable growth comes with a caveat: a staggering 90% of the stablecoin is controlled by a few major holders. This concentration raises concerns within the competitive stablecoin market, now seeing an influx of new entrants backed by significant financial institutions. Analysts are watching closely to assess how this dynamic might affect PYUSD’s future and its sustainability in the ever-evolving landscape of digital currencies. Future competition will heavily influence PYUSD’s trajectory as new players emerge.