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 prot...