Huma Finance’s PST token reaches $322M market cap on Solana

Huma Finance’s PayFi Strategy Token, better known as PST, has hit a $322 million market cap, crowning it the largest yield-bearing asset on Solana. For a token that was sitting at roughly $158 million in April, that’s a tidy doubling act in about five months.

The growth trajectory tells a clean story: $158 million in April, $200 million by July, and now $322 million in mid-September.

How PST actually works

Think of PST as a receipt you get for depositing USDC into Huma Finance’s protocol. Your deposit doesn’t just sit there. It gets lent out as short-duration financing to licensed payment institutions that need liquidity for things like cross-border settlements and trade finance.

These aren’t long-horizon bets. The financing periods typically last between one and five days, which keeps capital cycling rapidly and risk exposure low. The interest and fees collected from these receivables-backed credit lines flow back to PST holders, making the token’s value appreciate over time.

The annualized yield lands around 8% in USDC, with current estimates ranging between 7% and 9%. Perhaps the most striking data point: zero credit defaults since inception. Every loan extended through the protocol has been repaid.

The numbers behind the growth

Huma Finance reported cumulative transaction volumes surpassing $14 billion by the end of June, a 67% jump during the first half of the year alone.

PST’s outstanding balance grew 57% in the first half of the year, reaching $181.8 million by June 30. The collateral deployed on Solana’s lending markets climbed to $75.3 million over the same period.

The protocol has also expanded beyond Solana’s borders. PST is now integrated with Morpho and Fluid on Ethereum, opening the token to a much broader pool of DeFi participants and capital.

Institutional interest is the real signal

Bitwise and Coinbase Asset Management are among the institutional participants that have engaged with Huma’s offering.

PST now ranks among the leading tokenized credit assets globally, not just on Solana.

The governance side of Huma runs on a separate HUMA token, which has a circulating supply of approximately 1.73 billion tokens out of a maximum supply of 10 billion. The distinction matters: PST is the yield engine, while HUMA handles protocol governance.

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