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CoinPulse
P

PayPal USD

PayPal's regulated dollar stablecoin, issued by PaxosNot published
8.54 / 1078% measured
#3 of 15 in Stablecoins
$2.76B
Market cap
DefiLlama
19
Chains
DefiLlama
0.02%
Peg deviation
DefiLlama

PayPal USD (PYUSD)

PayPal USD (PYUSD) is a fiat-backed dollar stablecoin launched by PayPal and issued by the regulated firm Paxos. It brings a major mainstream payments brand into the stablecoin market, with the goal of enabling dollar transfers inside and beyond PayPal's ecosystem. Our data shows a market capitalization of about $2.76B across 19 chains, and PYUSD ranks 3rd of 15 in our stablecoin ratings with a best score of 8.54 — the highest of the mid-cap issuers we track.

Is PYUSD holding its peg?

Yes, at our latest check. We measured a peg deviation of about 0.02% from $1, indicating a stable dollar peg. Backing by a regulated issuer and integration with a large payments network both support that stability.

Backing and oversight

PYUSD is issued by Paxos and is described as fully backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents, under New York State Department of Financial Services oversight. Paxos publishes regular attestation reports on the reserves. We do not audit those reserves ourselves; our score reflects peg stability, scale, and chain reach.

Things to keep in mind

  • Centralized control: Paxos can freeze and seize tokens, and issuance is permissioned.
  • Ecosystem tie-in: Much of PYUSD's utility is linked to PayPal and Venmo, which may or may not matter to on-chain users.
  • Smaller than incumbents: Liquidity is lower than USDC or USDT.
  • No public status page was identified in our checks.

Why it scores well

PYUSD earns the highest composite among our mid-cap issuers at 8.54, with strong marks for scale, a tight peg, and reach across 19 chains. Its combination of a regulated issuer, mainstream payment integration, and expanding multichain support explains the ranking, while the missing public status page is the main thing holding back its operational score.

Who is it for?

PYUSD is a good fit for users who want a regulated, brand-backed dollar token with growing reach and mainstream payment rails. It is less suited to those seeking decentralization or the deepest DeFi liquidity, since large trades can still move against thinner order books. Confirm supported chains, fees, and redemption paths for your specific use case before moving significant funds, and remember that a stablecoin backed by a regulated issuer is still a claim on that issuer rather than insured cash.

How PayPal USD scores

Scored on the criteria that matter for stablecoins.

Stablecoins#3 of 158.54 / 1078% measured
SCALEScale of value trusted
44% weight9/10

$2.76B in market cap (DefiLlama). Capital is the market voting with its money — scored on a log scale, so the jump from $10M to $100M counts for more than $10B to $20B.

measured 2026-08-25 11:09 UTCevidence ↗
PEGPeg stability
28% weight10/10

Live price deviates 0.02% from the $1.00 peg (DefiLlama). A stablecoin's one job.

measured 2026-08-25 11:09 UTCevidence ↗
TRACKTrack record
n/a

No documented launch or listing date to measure age from.

REACHMulti-chain reach
15% weight10/10

Deployed on 19 chains (DefiLlama). Breadth is a minor tie-breaker — a focused single-chain protocol can still be excellent.

measured 2026-08-25 11:09 UTCevidence ↗
STATUSStatus transparency
13% weight2/10

No public status page found. Nothing about its reliability can be verified from outside — including by us.

measured 2026-08-25 11:09 UTC
Where we docked points

Status transparency: No public status page found. Nothing about its reliability can be verified from outside — including by us.

Who it’s NOT for

Anyone who needs to know when it breaks: no status feed, so you find out it is down by discovering it yourself.

FAQ

Who issues PayPal USD?+

PYUSD is issued by Paxos on behalf of PayPal, under New York State Department of Financial Services oversight. Paxos publishes regular reserve attestations.

What backs PYUSD?+

It is described as fully backed by US dollar deposits, short-term US Treasuries, and cash equivalents. We assess peg stability and reach rather than auditing the reserves.

Is PYUSD pegged to the dollar now?+

Our latest measurement shows about 0.02% deviation from $1, indicating a stable peg.

Is PYUSD safe to use?+

It is backed by a regulated issuer with reserve attestations, but it is centralized: Paxos can freeze tokens, and liquidity is smaller than the largest stablecoins. Weigh those trade-offs for your needs.