PayPal USD vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | PYUSD | USDY |
|---|---|---|
| USD circulation value | $2.66B | $2.14B |
| Rank (by USD value) | #9 | #11 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills (PayPal) | Tokenized US Treasuries (Ondo) |
| Chains deployed | 19 | 15 |
| Primary chain | Ethereum | Ethereum |
| Issuer | PayPal USD | Ondo US Dollar Yield |
| CoinGecko | View → | View → |
Both PYUSD and USDY track USD, but they differ in backing and issuer. PYUSD is backed by cash & t-bills (paypal) while USDY is backed by tokenized us treasuries (ondo). As of today, PYUSD ranks #9 and USDY ranks #11 among tracked stablecoins.
PYUSD is larger, with $2.66B in circulation vs $2.14B for USDY. That's roughly 1.2× the size.
Neither PYUSD nor USDY is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. PYUSD uses fiat-backed backing model; USDY uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. PYUSD and USDY 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 USDY on 15. 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.