PayPal’s PYUSD stablecoin supply doubles to $2.5b in a month

PayPal’s PYUSD supply has surged 113% month-over-month, hitting an all-time high of $2.54 billion.

PayPal’s stablecoin PYUSD has broken out of its quiet launch phase. On Friday, Oct. 3, the stablecoin reached an all-time high in circulating supply at $2.54 billion. Over the past month, this figure rose 113%. At the same time:

A circulating supply of $2.54 billion puts PYUSD in seventh place among stablecoins, behind USDe, USDS, DAI, and USD1. Much of that supply, specifically $1.84 billion, is on Ethereum (ETH). At the same time, $624 million worth of PYUSD is on Solana (SOL).

PYUSD transfer volume peaked at $2 billion daily on Sept. 26, according to data from Token Terminal. So far, the stablecoin has facilitated almost $60 billion in total transfers. PYUSD has also reached a milestone of 40,000 holders, a figure that has risen consistently since January 2025.

Still, giants Tether and USDC continue to dominate the market, with $176 billion and $75.9 billion in circulating supply. Together, they account for almost 85% of all circulating supply. PYUSD itself accounts for 0.84% of the stablecoin market.

PYUSD stablecoin is taking off

At launch, many called the PYUSD stablecoin a “nothing burger”, citing its limited reach beyond the PayPal and Venmo ecosystem. Still, the firm has worked on decentralizing PYUSD, enabling users to send to external wallets and holding it non-custodially.

PYUSD’s all-time high coincided with the stablecoin market cap breaking the total value of $300 billion. U.S.-denominated stablecoins lead the charge, with USDC growing rapidly. What is more, the monthly stablecoin transfer volume reached $3.27 trillion.