PayPal USD
Stablecoin Profile
PayPal USD (PYUSD) is a fiat-backed stablecoin pegged to USD, with $4.1B in circulating supply across 7 blockchain networks. Each PYUSD is backed by reserves held by the issuer, with parity attested via defillama. The peg has historically held within ±1% on most trading sessions, with reserve composition and attestation cadence the primary inputs to its credit-risk profile.
About PayPal USD (PYUSD)
PayPal USD is designed to maintain a stable $1 USD value. It's backed by dollar deposits, US treasuries, and cash equivalents
As PayPal USD rolls out, users will be able to buy, sell, hold, and transfer it in the PayPal app or on their site
Issuer & attestation
PayPal USD (PYUSD) is issued by Paxos Trust Company (issued for PayPal), operating under New York State (NYDFS-regulated). Originally launched in 2023.
Reserve composition
Backed 1:1 by US dollar deposits, short-term US Treasuries, and similar cash equivalents held in segregated accounts at US banks.
Notable peg events
Launched in August 2023 as the first major-payments-company branded stablecoin. Expanded from Ethereum to Solana in 2024.
Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.
Recent supply activity
PayPal USD (PYUSD) supply contracted by $4.5M (-0.11%) in the last 24 hours, expanded by $17M (+0.42%) over the past week, and expanded by $56.7M (+1.41%) over the past 30 days.
Modest growth: net issuance is positive at 1.41% over the past month, indicating gradual demand uptake.
Supply History
Network distribution
PayPal USD circulates across 7 blockchain networks. Ethereum hosts the largest share at 72.25%, followed by Solana at 19.30%. Arbitrum has shown the strongest 30-day growth at +58.05%, suggesting fresh issuance or bridge inflows on that chain.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $3B | 72.25% | -0.60% | -0.64% |
| Solana | $789.2M | 19.30% | +1.89% | -5.70% |
| Arbitrum | $334.7M | 8.19% | -0.35% | +58.05% |
| Flow | $10.5M | 0.26% | -0.92% | +7.08% |
| Berachain | $448.4K | 0.01% | -0.04% | -10.53% |
| Plume Mainnet | $2.1K | 0.00% | 0.00% | 0.00% |
| Cardano | $259.4 | 0.00% | 0.00% | +0.18% |
Peg stability history
PayPal USD (PYUSD) is designed to trade at exactly 1.00 USD, with its peg defended through direct redeemability against off-chain reserves. Spot price currently sits at $1.0000, a +0.004% deviation from the target — well inside the stability band typical for reserve-backed dollar tokens.
How reserve-backed stablecoins defend their peg
Fiat-backed stablecoins maintain their peg through arbitrage: any time the secondary-market price drifts above $1.00, authorised participants mint new tokens by depositing dollars and sell them into the market; any time it drifts below, they buy on the open market and redeem 1:1 for dollars. The peg therefore depends entirely on (a) the reserves actually existing, (b) the issuer honouring redemption requests promptly, and (c) the issuer remaining solvent and unfrozen.
Practical implications for holders
- Counterparty risk is concentrated in the issuer and its banking partners — a banking failure (as in the March 2023 USDC / SVB episode) can cause short-term depegs even when the underlying reserves are sound.
- Reserve attestations are not full audits. Always read the firm name, scope, and date of the latest attestation report before treating the peg as risk-free.
- Redemption rights typically apply only to verified institutional partners, not to retail holders. Retail exposure is exited via secondary markets, where liquidity matters most during stress periods.
- Regulatory action against the issuer (NYDFS orders, OFAC freezes, court-ordered blacklists) can immediately impair specific addresses or even the entire token.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (reserve-backed) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
PayPal USD (PYUSD) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8 | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare PayPal USD to other fiat-backed stablecoins
Below are the largest fiat-backed stablecoins tracked on Mantapex alongside PayPal USD (PYUSD). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Tether (USDT) | $184.1B | fiat-backed | 107 |
| USD Coin (USDC) | $79.6B | fiat-backed | 125 |
| World Liberty Financial USD (USD1) | $4.5B | fiat-backed | 8 |
| BlackRock USD (BUIDL) | $2.5B | fiat-backed | 8 |
| Circle USYC (USYC) | $2.4B | fiat-backed | 2 |
Peg Stability
Chain Distribution
Resources & data sources
PayPal USD (PYUSD) is tracked across major crypto data providers. The links below open PayPal USD (PYUSD)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent PayPal USD news
Latest reporting from major crypto news outlets covering PayPal USD.
- Dailycoin
Stripe's $53B PayPal Takeover Bid Could Crown a New Stablecoin King
Stripe and PayPal could combine payments networks and stablecoin infrastructure in a landmark fintech deal.
- Coingape
Stripe & Advent Bid $53 Billion to Acquire PayPal amid Stablecoin Push
Payments giant Stripe and private equity firm Advent International have jointly offered to acquire PayPal Holdings for more than $53 billion. This marks one of the largest…
- Crypto Briefing
Interactive Brokers adds USDC, PayPal USD, and RLUSD withdrawals alongside nine new tokens
Interactive Brokers added stablecoin withdrawals through USDC, PYUSD and RLUSD while expanding its crypto platform with nine additional tokens. Interactive Brokers adds USDC,…
- Blockonomi
Interactive Brokers (IBKR) Stock Climbs on Major Crypto Expansion with 12 New Tokens
IBKR shares advance following announcement of enhanced cryptocurrency capabilities and token additions.
- Blockonomi
PayPal's PYUSD Stablecoin Arrives Natively on Polygon via Paxos Partnership
PayPal's stablecoin has officially launched on Polygon via a Paxos partnership, marking a significant expansion in its payment capabilities. This development provides companies…
- Crypto Economy
PayPal Deepens Ties With Polygon to Accelerate Adoption of Its PYUSD Stablecoin
PayPal deepens its alliance with Polygon to natively issue PYUSD on its network and expand adoption across global payment systems. Polygon has processed over $2.6 trillion in…
- Coinspress
PayPal Expands PYUSD to Polygon for Faster Global Payments
PayPal USD (PYUSD) is now available on the Polygon network, giving businesses another blockchain option for moving dollar-backed stablecoins across borders.
- Crypto Briefing
PayPal expands PYUSD stablecoin issuance natively on Polygon
PayPal's integration of PYUSD on Polygon enhances transaction efficiency and security, potentially accelerating stablecoin adoption in global markets. PayPal expands PYUSD…
Related stablecoins
Stablecoins comparable to PayPal USD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other fiat-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.