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:

PayPal’s PYUSD outstanding supply and stablecoin transfer volume | Source: Token Terminal

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.