PYUSDvsOUSD
PayPal USD vs Open USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
PYUSD — PayPal USD
OUSD — Open USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
OUSD held the tighter band: worst deviation 3 bps against 6 bps.
Key differences
- PYUSD is roughly 4.1× larger than OUSD by USD circulation value ($2.89B vs $698.8M).
- PYUSD ranks #8 while OUSD ranks #17 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- Both are fiat-backed stablecoins, so the mechanism is not what separates them.
- PYUSD reports cash & t-bills (paypal) in reserve. We do not track a published reserve breakdown for OUSD.
- PYUSD is deployed on 19 chains — much broader coverage than OUSD's 4.
- Primary chain differs — most PYUSD supply lives on Ethereum, while most OUSD supply is on Tempo.
Full comparison table
| Metric | PYUSD | OUSD |
|---|---|---|
| USD circulation value | $2.89B | $698.8M |
| Rank (by USD value) | #8 | #17 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills (PayPal) | — |
| Chains deployed | 19 | 4 |
| Primary chain | Ethereum | Tempo |
| Issuer | Paxos Trust Company (for PayPal) | — |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between PYUSD and OUSD?
Both track USD, so they compete for the same use cases. PYUSD holds cash & t-bills (paypal). We track no published reserve breakdown for OUSD. PYUSD ranks #8 by USD value and OUSD ranks #17.
Which is bigger, PYUSD or OUSD?
PYUSD is larger, with $2.89B in circulation vs $698.8M for OUSD. That's roughly 4.1× the size.
Is PYUSD safer than OUSD?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. Both use a fiat-backed model, so the difference sits in the issuer and the reserves rather than the design. Read each issuer's most recent reserve attestation before choosing.
Can I convert between PYUSD and OUSD?
Yes. PYUSD and OUSD 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.
Should I choose PYUSD or OUSD?
The right choice depends on your use case. Consider: which chain do you need? PYUSD is available on 19 chains and OUSD on 4. 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.