PayPal USD (PYUSD) is a fiat-backed US dollar stablecoin issued by PayPal (issued by Paxos Trust Company). It has about $2.87B in circulation, ranking #7 among the stablecoins CoinScoop tracks, and runs on 9 blockchains.
PYUSD price
$0.9992
On peg Circulating supply
$2.87B
30-day change
+0.1%
Price
$0.9992
Blockchains
9
Tracked since
Aug 2023
What is PYUSD?
PayPal USD (PYUSD) is a fiat-backed US dollar stablecoin issued by PayPal (issued by Paxos Trust Company). It has about $2.87B in circulation, ranking #7 among the stablecoins CoinScoop tracks, and runs on 9 blockchains.
Launched by PayPal in August 2023 and available in the PayPal and Venmo apps in the US.
In the issuer's words: PayPal USD is designed to maintain a stable $1 USD value. It's backed by dollar deposits, US treasuries, and cash equivalents.
PYUSD supply history
$4.34B$2.42B
Oct 8, 2025Oct 8, 2026
$4.34B$0
Aug 8, 2023Oct 8, 2026
PYUSD supply grew 0.1% over the past 30 days, to $2.87B. Its peak was $4.21B in March 2026, and supply is 32% below that high.
Is PYUSD holding its peg?
Last price
$0.9992
Target
1.0000 USD
Status
On pegPYUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where PYUSD lives: supply by blockchain
PYUSD is spread across several networks. The largest, Ethereum, holds 72% of supply. Check that the token on your chain is the issuer's official contract, not a bridged copy.
How PYUSD is backed
PYUSD is backed by US dollar deposits, short-term US Treasuries and similar cash equivalents.
Minting and redemption: As PayPal USD rolls out, users will be able to buy, sell, hold, and transfer it in the PayPal app or on their site.
PYUSD risks
Issuer and custody
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Freezes and blacklists
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
PYUSD vs USDT and USDC
Similar fiat-backed stablecoins
See all →
PYUSD in the news
Stripe and Advent Offer $53B to Acquire PayPal at 28% Premium, PYPL Surges 15%
Velocity Raises $38M Series A to Build Enterprise Stablecoin Treasury Rails, Backed by Dragonfly and Coinbase Ventures
Aave Labs Launches Stable Vaults to Pipe Fixed Stablecoin Yields Into Fintech Apps via $50B TVL
PYUSD FAQ
What is PYUSD?
PayPal USD (PYUSD) is a fiat-backed US dollar stablecoin issued by PayPal (issued by Paxos Trust Company). It has about $2.87B in circulation, ranking #7 among the stablecoins CoinScoop tracks, and runs on 9 blockchains.
Is PYUSD pegged 1:1 to the US dollar?
PYUSD targets 1 USD. At the last update it traded at $0.9992, a deviation of -0.08%, which we classify as "on peg".
What backs PYUSD?
PYUSD is a fiat-backed stablecoin. US dollar deposits, short-term US Treasuries and similar cash equivalents.
Which blockchains is PYUSD on?
PYUSD is live on 9 blockchains. The largest by supply are Ethereum ($1.78B), Solana ($699M), Sei ($2.1M).
How much PYUSD is in circulation?
About $2.87B of PYUSD was in circulation at the last update, +0.1% over 30 days. That makes it the #7 stablecoin by supply among those we track.
Does PYUSD pay interest?
No. PYUSD does not pay yield to holders directly. Any interest earned on its reserves goes to the issuer. Some platforms offer rewards for holding it, but those are paid by the platform, not by PYUSD.
Is PYUSD safe?
No stablecoin is risk-free. As a fiat-backed design, PYUSD's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.