PayPal USD vs GHO — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | PYUSD | GHO |
|---|---|---|
| USD circulation value | $2.66B | $648.2M |
| Rank (by USD value) | #9 | #18 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills (PayPal) | Overcollateralized (Aave) |
| Chains deployed | 19 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | PayPal USD | GHO |
| CoinGecko | View → | View → |
Both PYUSD and GHO track USD, but they differ in backing and issuer. PYUSD is backed by cash & t-bills (paypal) while GHO is backed by overcollateralized (aave). As of today, PYUSD ranks #9 and GHO ranks #18 among tracked stablecoins.
PYUSD is larger, with $2.66B in circulation vs $648.2M for GHO. That's roughly 4.1× the size.
Neither PYUSD nor GHO is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. PYUSD uses fiat-backed backing model; GHO uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. PYUSD and GHO both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
The right choice depends on your use case. Consider: which chain do you need? PYUSD is available on 19 chains and GHO on 2. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.