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.
- Blockonomi
PayPal's $PYUSD Stablecoin Supply Shrinks 31% From $4.2B ATH to $2.92B
PayPal stablecoin faces supply contraction even as global wallet usage continues to grow
- Bitcoin
Mastercard Opens Stablecoin Settlement to 6 Partners Across USDC, RLUSD and PYUSD
Mastercard is expanding its global settlement network to include regulated stablecoins, intraday options, and weekend and holiday processing, giving card issuers and acquirers new…
- Cointelegraph
Mastercard expands support to USDC, PYUSD, RLUSD stablecoin settlement
The payments giant said USDC, PYUSD, RLUSD and other stablecoins will support new settlement options across multiple blockchains.
- Crypto news
Mastercard brings USDC, RLUSD, PYUSD to global settlement network
Mastercard has expanded its payment network to support stablecoin settlements across multiple blockchains and beyond traditional banking hours, adding support for six regulated…
- The Block
Mastercard expands stablecoin settlement options with USDC, PYUSD and RLUSD
Mastercard expanded settlement to USDC, PYUSD, and RLUSD, enabling intraday, weekend, and holiday card settlement across its payments network.
- Blockonomi
Mastercard Goes 24/7 With USDC, RLUSD, and PYUSD Settlement Move
Mastercard adds USDC, PYUSD, and RLUSD to enable always-on card settlement worldwide
- Coinpaper
Ripple and Stellar Land on FXC's 2026 Top 100 Cross-Border Payments Giants List Alongside Barclays, Visa & PayPal
Ripple and Stellar have both secured spots on FXC Intelligence's 2026 Top 100 Cross-Border Payments Companies list, ranking alongside global payments powerhouses like Barclays,…
- Crypto Economy
WalletConnect Pay Brings PYUSD Into Real‑World Checkout
WalletConnect Pay added PayPal USD (PYUSD) as a payment method available across its entire merchant network. The integration allows users to spend PYUSD directly from their…
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.