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The stablecoin market is lounging in the $300 billion penthouse, clocking in at a tidy $308.218 billion per defillama.com data. Meanwhile, Paypal’s PYUSD has muscled its way into sixth place among stablecoins, now flaunting a cool $2.761 billion in circulation after an explosive climb this year.
Paypal’s Digital Dollar Joins the Frenzy of Stablecoin Heavyweights
Stablecoins have stolen the spotlight, and Paypal jumped into the action early—beating rivals still gearing up to join the brawl. The payments giant rolled out its U.S. dollar–backed stablecoin, paypal usd (PYUSD), on Aug. 7, 2023, with Paxos Trust Company serving as the issuer behind the digital dollar.
PYUSD sprinted to 1 billion issued coins by August 2024, only to shrink to less than half that amount by December. While USDT and USDC puffed up and their peers swelled too, PYUSD lingered quietly on the sidelines—outside the top ten. Fast forward to today, and Paypal’s stablecoin has managed to secure sixth place, with its market cap ballooning by $1.761 billion in just 77 days.
According to Defillama data, Ethereum reigns supreme in blockchain issuance, commanding 56.83% of the total PYUSD supply. Solana trails behind with a respectable 39.35%, while the leftovers are sprinkled among smaller networks — Berachain holds 2.77%, Flow grabs 1.05%, and Plume Mainnet and Cardano barely make a blip on the radar.
Among its rivals, behind PYUSD, Blackrock’s BUIDL holds a solid $2.687 billion, while World Liberty Financial’s USD1 trails just behind with $2.674 billion. Sitting higher on the totem pole of stables are Sky’s (formerly MakerDAO) duo coins — DAI with $5.146 billion and USDS with $5.319 billion in circulation. Meanwhile, PYUSD’s $2.761 billion stash rests in the hands of fewer wallets than most.
Etherscan stats show Copper, Paxos, Aave, Crypto.com, and Defiance Capital collectively hold about 1.168 billion PYUSD — roughly 42% of the entire supply tucked under their custody. The top 100 holders control 99.6% of PYUSD’s supply across 41,617 total wallets. PYUSD’s rise back into the upper tier of stablecoins shows how quickly momentum can shift in the digital dollar race.
After a year of ups, downs, and everything in between, Paypal’s token has found its footing among the ten—but let’s be honest, the stablecoin seas are teeming with sharks. It’s a feeding frenzy for dominance, and PYUSD’s swim to sixth place shows it can keep pace for now. Still, in waters this crowded, even the biggest fish know better than to stop moving.
FAQ 🧭
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What is PYUSD?
PYUSD is Paypal’s U.S. dollar–backed stablecoin issued by Paxos Trust Company. -
How much PYUSD is in circulation?
PYUSD’s supply has grown to about $2.761 billion, placing it sixth among stablecoins. -
Which blockchains support PYUSD?
Ethereum leads PYUSD issuance with over half the supply, followed by Solana and smaller networks. -
Who holds most of the PYUSD supply?
Roughly 99.6% of PYUSD is controlled by the top 100 wallets, including major custodians, exchanges, and DeFi protocols.
