USDTvsPYUSD
Tether vs PayPal USD — side-by-side comparison of supply, chains, backing, and peg data.
Side-by-side
USDT — Tether
PYUSD — PayPal USD
30-day peg stability dotted line = target · both charts share one scale
What the last 30 days show
Over the last 30 days USDT supply moved -0.6% and PYUSD -2.4% — USDT grew faster. PYUSD held the tighter band: worst deviation 5 bps against 14 bps.
Key differences
- USDT is roughly 65.9× larger than PYUSD by USD circulation value ($183.08B vs $2.78B).
- USDT ranks #1 while PYUSD ranks #9 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 — USDT holds cash & t-bills, PYUSD holds cash & t-bills (paypal).
- USDT is deployed on 130 chains — much broader coverage than PYUSD's 19.
- Primary chain differs — most USDT supply lives on Tron, while most PYUSD supply is on Ethereum.
Full comparison table
| Metric | USDT | PYUSD |
|---|---|---|
| USD circulation value | $183.08B | $2.78B |
| Rank (by USD value) | #1 | #9 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills | Cash & T-bills (PayPal) |
| Chains deployed | 130 | 19 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether Limited | Paxos Trust Company (for PayPal) |
| CoinGecko | View → | View → |
Frequently Asked Questions
What's the main difference between USDT and PYUSD?
Both track USD, so they compete for the same use cases. USDT holds cash & t-bills; PYUSD holds cash & t-bills (paypal). USDT ranks #1 by USD value and PYUSD ranks #9.
Which is bigger, USDT or PYUSD?
USDT is larger, with $183.08B in circulation vs $2.78B for PYUSD. That's roughly 65.9× the size.
Is USDT safer than PYUSD?
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 USDT and PYUSD?
Yes. USDT 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.
Should I choose USDT or PYUSD?
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 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.