PYUSDvsUSDf
PayPal USD vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
PYUSD — PayPal USD
USDf — Falcon USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days PYUSD supply moved -2.4% and USDf -0.3% — USDf grew faster. PYUSD held the tighter band: worst deviation 5 bps against 54 bps.
Key differences
- PYUSD is roughly 2.2× larger than USDf by USD circulation value ($2.78B vs $1.26B).
- PYUSD ranks #9 while USDf ranks #14 among all tracked stablecoins.
- Both are pegged to the same currency (USD), so they compete directly for the same use cases.
- PYUSD is a fiat-backed stablecoin; USDf is crypto-backed. Different mechanism, different failure modes.
- PYUSD reports cash & t-bills (paypal) in reserve. We do not track a published reserve breakdown for USDf.
- PYUSD is deployed on 19 chains — much broader coverage than USDf's 2.
Full comparison table
| Metric | PYUSD | USDf |
|---|---|---|
| USD circulation value | $2.78B | $1.26B |
| Rank (by USD value) | #9 | #14 |
| Peg | USD | USD |
| Mechanism | fiat-backed | crypto-backed |
| Backing | Cash & T-bills (PayPal) | Delta-neutral (Falcon) |
| Chains deployed | 19 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Paxos Trust Company (for PayPal) | Falcon Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between PYUSD and USDf?
Both track USD, so they compete for the same use cases. PYUSD holds cash & t-bills (paypal). We track no published reserve breakdown for USDf. PYUSD ranks #9 by USD value and USDf ranks #14.
Which is bigger, PYUSD or USDf?
PYUSD is larger, with $2.78B in circulation vs $1.26B for USDf. That's roughly 2.2× the size.
Is PYUSD safer than USDf?
Neither is inherently safer. Safety turns on reserve composition, issuer transparency, redemption rights and regulatory oversight — none of which this page audits. PYUSD uses a fiat-backed model; USDf uses a crypto-backed one. Read each issuer's most recent reserve attestation before choosing.
Can I convert between PYUSD and USDf?
Yes. PYUSD and USDf 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 USDf?
The right choice depends on your use case. Consider: which chain do you need? PYUSD is available on 19 chains and USDf 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.