PYUSDvsUSDY
PayPal USD vs Ondo US Dollar Yield — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
PYUSD — PayPal USD
USDY — Ondo US Dollar Yield
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 USDY -0.9% — USDY grew faster. PYUSD held the tighter band: worst deviation 5 bps against 1422 bps.
Key differences
- PYUSD is roughly 1.3× larger than USDY by USD circulation value ($2.78B vs $2.14B).
- PYUSD ranks #9 while USDY ranks #11 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), USDY holds tokenized us treasuries (ondo).
- Chain coverage is comparable: PYUSD on 19 chains, USDY on 15.
Full comparison table
| Metric | PYUSD | USDY |
|---|---|---|
| USD circulation value | $2.78B | $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 | Paxos Trust Company (for PayPal) | Ondo Finance |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between PYUSD and USDY?
Both track USD, so they compete for the same use cases. PYUSD holds cash & t-bills (paypal); USDY holds tokenized us treasuries (ondo). PYUSD ranks #9 by USD value and USDY ranks #11.
Which is bigger, PYUSD or USDY?
PYUSD is larger, with $2.78B in circulation vs $2.14B for USDY. That's roughly 1.3× the size.
Is PYUSD safer than USDY?
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 USDY?
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.
Should I choose PYUSD or USDY?
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.