Bubble
PayPal USD PYUSD
PayPal USD (PYUSD) was trading at $0.9999, ranked #28 by market cap at $2.78B, with 24h volume of $65.00M.
Data snapshot: 2026-07-22 18:00 UTC.
PYUSD is PayPal's own fiat-backed stablecoin, issued in partnership with Paxos and pegged 1:1 to the US dollar. It's built directly into PayPal and Venmo for payments, transfers and checkout, giving one of the world's largest payment companies a direct stablecoin rail. PYUSD is issued by a regulated trust company on behalf of PayPal, and its significance is distribution rather than design: it connects a mainstream consumer payments network with on-chain settlement. It is backed by cash and short-term Treasuries with monthly reports, and has expanded beyond Ethereum to lower-fee networks to make small transfers practical. On this map it is a mid-sized entry in the stablecoin group; the number worth watching is whether its supply grows through actual consumer payment use or stays concentrated in crypto-native venues.
Who issues PYUSD?
A regulated trust company issues it on PayPal's behalf, holding reserves in cash and short-term Treasuries with monthly reporting.
Why does PayPal's involvement matter?
Distribution. It links a mainstream consumer payments network to on-chain settlement, which is a different adoption path from crypto-native stablecoins.
Is PYUSD only on Ethereum?
It has expanded to lower-fee networks so that small transfers are economical, since Ethereum fees make micro-payments impractical.
What would signal real adoption?
Supply growth driven by consumer payment flows rather than by balances sitting on exchanges. The two look identical in market cap but mean different things.
Market cap decides how big a bubble is drawn, so rank is what places PYUSD on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #24 | Global Dollar (USDG) | $3.25B |
| #27 | sUSDS (SUSDS) | $4.64B |
| #28 | PayPal USD (PYUSD) | $2.78B |
| #33 | USDT0 (USDT0) | $4.06B |
| #40 | Ripple USD (RLUSD) | $1.58B |