PayPal’s PYUSD has emerged because the third quickest rising stablecoin for the reason that U.S stablecoin legislation, the GENIUS Act, grew to become efficient six months in the past.
On some fronts, PYUSD’s progress has rivaled even Circle’s USDC, which posted the second-best efficiency over the identical interval.
Amid the explosive traction, can PYUSD actually rival USDC sooner or later?
USDC vs PYUSD – Provide modifications in H2 2025
In keeping with Artemis information, Tether’s USDT, essentially the most dominant U.S-based stablecoin, led in provide progress, including $26.3 billion to its market cap in H2 2025.
Circle posted half of USDT’s efficiency and added $13.9 billion to its market provide, lifting its general market cap from $62.6 to $76.5 billion. PayPal’s PYUSD ranked third as its market cap elevated by $2.8 billion and hit $3.6 billion.
Supply: Artemis
USDC’s progress was 5x greater than PYUSD in absolute greenback added to market cap. Nevertheless, in share phrases, PYUSD grew by 335% whereas USDC posted a 22% surge.
In different phrases, PYUSD expanded quicker than USDC in H2 2025.
Assessing transaction quantity and customers
Other than the provision change, PYUSD additionally recorded robust momentum primarily based on energetic transaction quantity within the final 30 days. It had a complete transaction quantity of $357 million, translating to a 72% surge over a 30-day interval, in response to Artemis.
Quite the opposite, USDC had a transaction quantity of $223 billion or 68% at press time. This implied that it was 625x bigger than PYUSD regardless of the large momentum.
Put in another way, the mix of provide growth and transaction progress meant PYUSD could be in an early acceleration section. The product is barely 2 years previous in comparison with USDC’s +7 years of operation.
Nevertheless, USDC’s bigger quantity meant its scale of growth nonetheless dwarfed PYUSD’s attain. The truth is, USDC had a median of 1 million every day customers in early 2026, up from 800k in the course of the December market lull.
Supply: Artemis
For PYUSD, the every day energetic customers (yellow) hovered round 4000-6000, method beneath USDC’s exercise.
This might boil right down to the distribution channels and utility for every stablecoin. Notably, USDC and PYUSD each provide yield, however USDC has a large distribution community, together with Coinbase, and is extensively used throughout Ethereum [ETH] DeFi and different ecosystems.
Supply: Artemis (PYUSD)
However, PYUSD, which is pitched as a cost stablecoin, has additionally established its distribution community. And but, it stays restricted and isn’t extensively used within the DeFi house.
General, PYUSD made it high three stablecoins primarily based on provide progress, backed by huge early adoption, and will rival USDC sooner or later. Nevertheless, its restricted utilization could proceed to offer USDC a lead.
Closing Ideas
- PYUSD has seen the quickest provide progress and momentum post-GENIUS Act.
- Nevertheless, PYUSD’s general utilization could be comparatively restricted in comparison with USDC’s in depth distribution community.