PayPal USD vs Falcon USD — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | PYUSD | USDf |
|---|---|---|
| USD circulation value | $2.66B | $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 | PayPal USD | Falcon USD |
| CoinGecko | View → | View → |
Both PYUSD and USDf track USD, but they differ in backing and issuer. PYUSD is backed by cash & t-bills (paypal) while USDf is backed by delta-neutral (falcon). As of today, PYUSD ranks #9 and USDf ranks #14 among tracked stablecoins.
PYUSD is larger, with $2.66B in circulation vs $1.26B for USDf. That's roughly 2.1× the size.
Neither PYUSD nor USDf is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. PYUSD uses fiat-backed backing model; USDf uses crypto-backed. Users should read each issuer's most recent reserve attestation before choosing.
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.
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.