Circle USYC vs PayPal USD — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USYC | PYUSD |
|---|---|---|
| USD circulation value | $3.01B | $2.66B |
| Rank (by USD value) | #8 | #9 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Tokenized US Treasuries | Cash & T-bills (PayPal) |
| Chains deployed | 2 | 19 |
| Primary chain | BSC | Ethereum |
| Issuer | Circle USYC | PayPal USD |
| CoinGecko | View → | View → |
Both USYC and PYUSD track USD, but they differ in backing and issuer. USYC is backed by tokenized us treasuries while PYUSD is backed by cash & t-bills (paypal). As of today, USYC ranks #8 and PYUSD ranks #9 among tracked stablecoins.
USYC is larger, with $3.01B in circulation vs $2.66B for PYUSD. That's roughly 1.1× the size.
Neither USYC nor PYUSD is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USYC uses fiat-backed backing model; PYUSD uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USYC 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? USYC is available on 2 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.