PYUSD by PayPal: status and timeline

PYUSD

PYUSD is a dollar-backed stablecoin issued by Paxos Trust Company, available across Ethereum, Solana and 15 other blockchains. Zero fees in PayPal app.

DeployStage 4 of 5

$2.89B supply on 17 chains; 4% rewards program; PYUSDx framework.

Updated Mar 2026Checked 10 Oct0 updates this week

Milestones

Next · 4% rewards program launched

PYUSD launched on Ethereum2023Complete.
PYUSD supply reaches $4.2B peakMar 2026Complete.
Supply contracts to $2.89B in Q2 2026Q2 2026Complete.
4% rewards program launchedTarget 2026Current milestone.

Most important updates

Upcoming

20264% rewards program launched (next)
2027PYUSDx platform adoption

Current obstacles

Market competition from USDT/USDCStablecoin adoption is self-reinforcing; larger coins have more liquidity and integrations.
Incentive program sustainability4% rewards reduce profitability; sustaining it at scale is challenging.

Physics limits

Blockchain throughputHigh fees on congested chains (Ethereum) make small transfers uneconomical.
Stablecoin network effectsFirst-mover advantage compounds; smaller coins struggle to gain traction despite better tech.

How it works

3 parts

Issuance

Paxos-issued under NYDFS

PYUSD issued by Paxos Trust Company under NYDFS oversight, backed 1:1 by USD cash equivalents.

Multi-chain

Ethereum, Solana and 15 others

Moves across 17 blockchains, enabling transfers to any wallet and exchange.

Rewards

4% annual yield in app

PayPal app offers ~4% annual yield on PYUSD balances, rolled out globally in 2026.

Spec sheet

Spec	PYUSD
Circulating supply (Q2 2026)	$2.89B^R (reported)
Peak supply (March 2026)	$4.2B^R (reported)
Stablecoin market share	~1.4%^R (reported)
Daily trading volume	~$115M^R (reported)
Blockchains supported	17^R (reported)

^R reported by the company

Update log

3 updates

About PayPal

The team behind PYUSD

PayPal

Digital payments, stablecoin, financial services

PayPal is a global payments platform in 200+ countries with 23,800 employees. Since 2023 it issues PYUSD, a stablecoin issued by Paxos, available on 17 blockchains.

23,800 employees globally; PYUSD launched 2023, peaked at $4.2B in March 2026.
PYUSD contracted to $2.89B by Q2 2026 due to incentive tapering and capital rotation.
Introduced 4% rewards program and PYUSDx branded-stablecoin framework in 2026.

paypal.com (opens paypal.com)Company profile →

Founded: 199828 yrs
Headquarters: United States
Status: Public
Listed: PYPL (opens google.com)NASDAQ
Valuation: $38Bmarket capJan 2026
Staff: ~23,800Dec 2025
Works in: CryptoStablecoins & tokenization
Coverage: 1 program · 3 updateslatest 1 Mar 2026checked 10 Oct
Partners: Paxos Trust Company (opens paxos.com)

Spec

PYUSD

Circulating supply (Q2 2026)

$2.89B^R (reported)

Peak supply (March 2026)

$4.2B^R (reported)

Stablecoin market share

~1.4%^R (reported)

Daily trading volume

~$115M^R (reported)

Blockchains supported

17^R (reported)