Sky Dollar vs PayPal USD — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDS | PYUSD |
|---|---|---|
| USD circulation value | $6.54B | $2.66B |
| Rank (by USD value) | #3 | #9 |
| Peg | USD | USD |
| Mechanism | crypto-backed | fiat-backed |
| Backing | Backed by DAI/USDC | Cash & T-bills (PayPal) |
| Chains deployed | 7 | 19 |
| Primary chain | Ethereum | Ethereum |
| Issuer | Sky Dollar | PayPal USD |
| CoinGecko | View → | View → |
Both USDS and PYUSD track USD, but they differ in backing and issuer. USDS is backed by backed by dai/usdc while PYUSD is backed by cash & t-bills (paypal). As of today, USDS ranks #3 and PYUSD ranks #9 among tracked stablecoins.
USDS is larger, with $6.54B in circulation vs $2.66B for PYUSD. That's roughly 2.5× the size.
Neither USDS nor PYUSD is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDS uses crypto-backed backing model; PYUSD uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDS and PYUSD 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? USDS is available on 7 chains and PYUSD on 19. 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.