PYUSDvsUSDTB
PayPal USD vs Ethena USDtb — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
PYUSD — PayPal USD
USDTB — Ethena USDtb
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 +1.7% and USDTB +30.6% — USDTB grew faster. Both held within about 8 bps of target across the same window.
Key differences
- PYUSD is roughly 5.3× larger than USDTB by USD circulation value ($2.79B vs $527.4M).
- PYUSD ranks #8 while USDTB ranks #20 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.
- Reserves differ — PYUSD holds cash & t-bills (paypal), USDTB holds tokenized us treasuries (ethena).
- PYUSD is deployed on 19 chains — much broader coverage than USDTB's 2.
Full comparison table
| Metric | PYUSD | USDTB |
|---|---|---|
| USD circulation value | $2.79B | $527.4M |
| Rank (by USD value) | #8 | #20 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills (PayPal) | Tokenized US Treasuries (Ethena) |
| Chains deployed | 19 | 2 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Paxos Trust Company (for PayPal) | Ethena Labs |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between PYUSD and USDTB?
Both track USD, so they compete for the same use cases. PYUSD holds cash & t-bills (paypal); USDTB holds tokenized us treasuries (ethena). PYUSD ranks #8 by USD value and USDTB ranks #20.
Which is bigger, PYUSD or USDTB?
PYUSD is larger, with $2.79B in circulation vs $527.4M for USDTB. That's roughly 5.3× the size.
Is PYUSD safer than USDTB?
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 USDTB?
Yes. PYUSD and USDTB 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 USDTB?
The right choice depends on your use case. Consider: which chain do you need? PYUSD is available on 19 chains and USDTB 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.