PayPal USD vs Ondo US Dollar Yield (PYUSD vs USDY)
PayPal USD (PYUSD) and Ondo US Dollar Yield (USDY) tie at 9.38 out of 10 in the [stablecoins ranking](/ratings/stablecoins/), on data collected October 19, 2026, with 100% of the score measured for both. They receive identical marks on every criterion. The tie hides the most important difference: PYUSD is built to stay at $1.00, while USDY is a yield-bearing token designed to rise above $1 — and USDY is not offered to US persons.
A tie on what we measured. Both score 9.38/10. The difference between them is not something our data can see, so we are not going to invent one.
Criterion by criterion
Same category, same weights, heaviest criterion first. Open a row for each side’s reasoning and evidence.
Scale of value trusted38% of the scoreLevelPayPal USD9Ondo US Dollar Yield9Why these marks ↓Hide ↑
Peg stability24% of the scoreLevelPayPal USD10Ondo US Dollar Yield10Why these marks ↓Hide ↑
Track record24% of the scoreLevelPayPal USD9Ondo US Dollar Yield9Why these marks ↓Hide ↑
Multi-chain reach14% of the scoreLevelPayPal USD10Ondo US Dollar Yield10Why these marks ↓Hide ↑
The measured comparison
| Criterion (weight) | PayPal USD (PYUSD) | Ondo US Dollar Yield (USDY) |
|---|---|---|
| Scale of value trusted (38%) | 9 — $2.81B market cap | 9 — $2.35B market cap |
| Peg stability (24%) | 10 — 0.02% from $1.00 | 10 — traded at $1.1505; scored on not falling below $1 |
| Track record (24%) | 9 — 3.2 yr (2023) | 9 — 3.2 yr (2023) |
| Multi-chain reach (14%) | 10 — 19 chains | 10 — 15 chains |
| Score | 9.38 | 9.38 |
| % measured | 100% | 100% |
| Rank | #4 of 15 | #5 of 15 |
DefiLlama and public launch records, measured October 19, 2026, 14:39 UTC. The #4/#5 order is placement within a tie. Rules: methodology.
Why the scores tie
Both lose the same two points against the top of the table: one on market cap (low billions score 9 on the log scale; 0.38) and one on track record (3.2 years scores 9; 0.24). PYUSD is somewhat larger ($2.81B vs $2.35B) and on more chains (19 vs 15), but neither difference crosses a scoring band.
Peg stability is where the method treats them differently. For a payment stablecoin, the test is distance from $1.00. For a yield-bearing token like USDY, the method checks only that it has not fallen below $1, because accrued yield lifts its price by design. Both passed their test on October 19, so both score 10 — but they passed different tests.
A payment stablecoin vs a yield-bearing note
- PYUSD aims to trade at $1.00. Holding it earns nothing from the token itself.
- USDY is described by Ondo as a yield-bearing note secured by Treasuries; its price rises as yield accrues, which is why it traded at $1.1505. According to the Ondo profile, USDY is sold only to qualifying non-US individuals and institutions after onboarding, is not offered to US persons, and has a $5,000 minimum to mint or redeem on some networks.
So the two are not substitutes in most situations. A yield-bearing token behaves more like a tokenized cash investment than a payment coin, and its eligibility rules come from the issuer.
What neither score covers: reserve or collateral composition, attestations, redemption terms, the yield rate itself, fees and regulatory status.
Which fits which reader
- You need a coin that holds $1.00 for payments or transfers: PYUSD's design; confirm availability in the app you use.
- You are an eligible non-US investor looking for a token that accrues Treasury-linked yield: USDY's design; read Ondo's offering terms and onboarding requirements first.
- You are a US person: USDY is not offered to you, per Ondo's terms as summarized in our profile.
- Breadth of networks: PYUSD is on more chains (19 vs 15), though both score the maximum.
The numbers side by side
| Measured | PayPal USD | Ondo US Dollar Yield |
|---|---|---|
| Market cap | $2.81B | $2.35B |
| Peg deviation | 0.02% | not published |
| Track record | 3.2 yr | 3.2 yr |
| Chains | 19 | 15 |
Which to choose
Why is USDY above $1 if it scores 10 on peg stability?+
For yield-bearing tokens the method scores only whether the price stays at or above $1. USDY traded at $1.1505 on October 19 because of accrued yield, which is its intended behavior.
Is USDY a stablecoin?+
It sits in the stablecoins ranking because it is a dollar-denominated token, but it works as a yield-bearing note rather than a $1 payment coin. The USDY rating page and the Ondo profile explain the structure.
How current is this comparison?+
Collected October 19, 2026, 14:39 UTC. Full scorecards: PayPal USD rating · Ondo US Dollar Yield rating. Related: Dai vs PayPal USD · All 15 stablecoins · Types of stablecoins. No affiliate links.