CashboardStablecoin · PYUSD
PayPal USD (PYUSD) live price dashboard
PYUSD is meant to sit at one dollar. The part worth watching is when it does not, and where the supply is moving. The board below tracks the peg, the supply and the chains PYUSD lives on.
What is PayPal USD?
PayPal USD (PYUSD) is a dollar stablecoin that PayPal launched in August 2023. Paxos Trust Company issues it against dollar deposits, short-term US Treasuries and similar cash equivalents, redeemable one to one. It lives mostly on Ethereum and Solana, and inside the PayPal and Venmo apps.
PayPal launched PYUSD on Ethereum on August 7, 2023 and added Solana in May 2024. Solana is where the growth came from. By late August 2024 total supply had passed 1 billion dollars, with about two thirds of it on Solana. Other chains get a bridged version through LayerZero, but they hold a small slice.
Paxos mints and burns the token against dollars and publishes monthly reserve reports. The process is not foolproof: on October 15, 2025 Paxos minted 300 trillion PYUSD by mistake during an internal transfer and burned it within about half an hour, while Aave froze its PYUSD markets as a precaution.
Supply follows incentives more than payments. PayPal pays 4% rewards on PYUSD held in its app (the rate can change), and lending programs on Solana come and go. Supply passed 4 billion dollars in spring 2026, after PayPal opened PYUSD to users in about 70 markets that March, then fell below 3 billion by the summer as incentives were cut back.
| Symbol | PYUSD |
|---|---|
| Category | Stablecoin |
| CoinGecko id | paypal-usd |
| Price sources in Cashboard | CoinGecko |
| Wallet tracking | Watch-only, on Solana or an indexed EVM chain |
What do traders watch on PYUSD?
- The supply split between Solana and Ethereum.
- Any change to the 4% rewards PayPal pays on balances.
- DeFi incentives on Solana, which pull supply in and out fast.
How do you check whether PYUSD holds its peg?
A stablecoin chart is supposed to be boring. What tells you something is the gap to one dollar, which way supply is going and how much of it sits on a single chain. Stablecoin risk shows all three from DefiLlama and flags a row at 0.5% off the peg; Market flows adds the market-wide supply trend.
Where can you read more about PayPal USD?
Frequently asked questions
Who issues PYUSD and what backs it?
Paxos Trust Company issues PYUSD for PayPal. Each token is backed one to one by cash and short-term US Treasuries held by Paxos, a New York regulated trust company, and Paxos publishes the reserve breakdown every month.
How is PYUSD different from USDC?
Both are fully reserved dollar stablecoins, but Circle issues USDC and Paxos issues PYUSD for PayPal. By September 2026 USDC was more than twenty times larger. PYUSD makes up for it with distribution: it sits inside PayPal and Venmo, where buying and sending it costs nothing.
How can I tell if PYUSD is losing its peg?
Put the Stablecoin risk widget on a board. It shows PYUSD against one dollar with supply change and chain concentration, marks the row as watch at 0.5% off the peg and high at 2%, and does the same for sharp supply drops. Data comes from DefiLlama.
More stablecoin dashboards
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Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.