PayPal’s stablecoin PYUSD has entered a new growth phase, with its circulating supply soaring 113% month-over-month to a record $2.54 billion as of Oct. 3. This milestone secures PYUSD the seventh spot among stablecoins, behind USDe, USDS, DAI, and USD1.
Most of the supply around $1.84 billion is hosted on Ethereum (ETH), while another $624 million is active on Solana (SOL). Transaction activity is also accelerating: PYUSD’s daily transfer volume peaked at $2 billion on Sept. 26, with nearly $60 billion processed to date. The number of holders recently surpassed 40,000, continuing a steady climb since January 2025.
Despite the impressive growth, PYUSD remains small compared to Tether (USDT) and USDC, which command $176 billion and $75.9 billion in supply, respectively, and together make up almost 85% of the stablecoin market. PYUSD accounts for just 0.84%.
Initially dismissed as a “nothing burger” confined to PayPal and Venmo, PYUSD has expanded its utility. PayPal has pushed toward decentralization, allowing transfers to external wallets and non-custodial storage.
The record supply aligns with a broader stablecoin market surge, with the total sector exceeding $300 billion in market cap. U.S.-denominated stablecoins remain dominant, and monthly transfer volume reached $3.27 trillion, highlighting the growing importance of digital dollars in the global crypto ecosystem.
Image Credit: Pixabay
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