PYUSD vs RLUSD
PayPal USD and Ripple USD, compared on the things that decide whether you get your dollar back. Live data, updated continuously.
30-day peg gap and PYUSD/RLUSD spread
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Issued by NYDFS-regulated Paxos on behalf of PayPal. Reserves are US Treasuries, reverse repo and cash, held in bankruptcy-remote accounts with monthly attestations.
Verdict band: Robust
NYDFS-regulated dollar token from Ripple, fully reserved in Treasuries, cash deposits and money market funds.
Verdict band: Robust
| Safety scoreComposite of collateral, peg, liquidity, issuer and track record. | ●●●●●5 of 5 | 93 | 91 | PYUSD |
|---|---|---|---|---|
| Collateral qualityWhat actually backs the token, and how liquid that backing is. | ●●●●●5 of 5 | 95 | 95 | Tie |
| Exit liquidityWhether you can leave at size without moving the price. | ●●●●●5 of 5 | $920.86M | $505.74M | PYUSD |
| Issuer & legal standingRegulatory perimeter, disclosure quality and redemption rights. | ●●●●4 of 5 | 100 | 100 | Tie |
| Peg tightness (live)Absolute distance from $1.00 right now — smaller is better. | ●●●●4 of 5 | −0.013% | +0.030% | PYUSD |
| Worst recorded depegHow badly the token has broken before, as a stress precedent. | ●●●●4 of 5 | None recorded | None recorded | Tie |
| Track recordYears live and behaviour through past stress events. | ●●●●4 of 5 | 69 | 61 | PYUSD |
| Scale / market capBigger float usually means broader venue support and tighter spreads. | ●●●3 of 5 | $2.74B | $1.76B | PYUSD |
| Chain reachNumber of networks where the token is natively deployed. | ●●●3 of 5 | 7 chains | 2 chains | PYUSD |
| Best available yieldUpside — but every extra point above T-bills is paid for with risk. | ●●2 of 5 | 9.46% | 4.99% | PYUSD |
"Matters" is our weighting of how much each dimension typically drives a real allocation decision. Sort any column to re-rank the tradeoffs by what matters to you.
The short answer
PYUSD scores higher on safety (93 vs 91), driven mainly by collateral quality and disclosure. PYUSD has deeper tracked liquidity ($920.86M), which is what determines whether you can exit at size. PYUSD currently earns up to 9.46% — remember that any rate above the T-bill yield is payment for a risk.
If both are fiat-reserve tokens, note that holding both is not diversification: they share the same short-dated Treasury and banking exposure. Genuine diversification means mixing collateral structures.
Which one fits your goal: PYUSD or RLUSD?
Capital preservation over everything else.
For park cash safely, PYUSD edges out RLUSD — but it is close enough that either works.
- Safety score 93 vs 91, with collateral rated 95/100.
- Current peg deviation -0.013% against 0.030% for RLUSD.
- No material depeg recorded for PYUSD in our incident log.
Concentrating in one issuer is a single point of failure regardless of score. Split across collateral structures.
Key risks, side by side
PYUSD
- Issuer and banking risk: reserves sit with Paxos (for PayPal) under United States (NYDFS) rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 9.46% is earned outside the token itself.
RLUSD
- Issuer and banking risk: reserves sit with Ripple under United States (NYDFS) rules.
- No depeg recorded in our incident log — absence of history is not a guarantee.
- Attestation cadence: monthly.
- Yield venue risk: 4.99% is earned outside the token itself.
| Metric | PYUSD | RLUSD |
|---|---|---|
| Category | Stablecoin | Stablecoin |
| Issuer | Paxos (for PayPal) | Ripple |
| Jurisdiction | United States (NYDFS) | United States (NYDFS) |
| Collateral | treasuries | treasuries |
| Peg mechanism | fiat-backed | fiat-backed |
| Attestation | monthly | monthly |
| Redemption | direct | direct |
| Price | $0.9999 | $1.0003 |
| Peg deviation | −0.013% | +0.030% |
| Market cap | $2.74B | $1.76B |
| 7d supply change | −1.36% | +13.28% |
| Liquidity | $920.86M | $505.74M |
| Best yield | 9.46% (sentora · Ethereum) | 4.99% (aave-v3 · Ethereum) |
| Chains | 7 | 2 |
| Launched | 2023 | 2024 |
| Worst recorded depeg | None recorded | None recorded |
Spread, peg gap and switching cost
- Price spread (PYUSD vs RLUSD)
- -4.3 bps
- $0.9999 vs $1.0003
- Peg deviation gap
- -0.016 pp
- PYUSD −0.013% · RLUSD +0.030%
- Yield spread
- +4.47%
- PYUSD 9.46% · RLUSD 4.99%
- Liquidity ratio
- 1.82×
- $920.86M vs $505.74M
A round trip between PYUSD and RLUSD costs roughly the market spread plus venue fees. At 4.3 bps of price gap, swapping $1M implies about $429.72 of price impact before fees — usually only worth it if the peg gap or yield spread is durable, not intraday noise.
Historical context
Track record is the part of a stablecoin you cannot model — it has to be observed. Here is how PYUSD and RLUSD have actually behaved since launch, including every stress event we have on record.
- PYUSD
PayPal USD goes live.
- RLUSD
Ripple USD goes live.
Chain coverage
PYUSD is live on 7 chains, RLUSD on 2. 1 chains carry both, so bridging is only unavoidable for the 7 networks where just one of them is deployed.
| Chain | PYUSD | RLUSD | Both available |
|---|---|---|---|
| $1.80B | $879.91M | Yes | |
| — | $880.95M | RLUSD only | |
| $671.94M | — | PYUSD only | |
| $189.35M | — | PYUSD only | |
| $69.72M | — | PYUSD only | |
| $10.33M | — | PYUSD only | |
| $3.37M | — | PYUSD only | |
| $130.2K | — | PYUSD only |
PYUSD vs RLUSD: frequently asked questions
Is PYUSD or RLUSD safer?
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On our composite safety score PYUSD rates 93/100 versus 91/100 for RLUSD. The score weighs collateral quality (treasuries vs treasuries), redemption rights, attestation quality, peg history and liquidity depth. A higher score is not a guarantee: both remain issuer-credit and smart-contract exposures, not insured bank deposits.
What is the difference between PYUSD and RLUSD?
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PayPal USD is issued by Paxos (for PayPal) (United States (NYDFS)), backed by treasuries, with redemption terms: direct. Ripple USD is issued by Ripple (United States (NYDFS)), backed by treasuries, with redemption terms: direct. Attestation coverage is "monthly" for PYUSD and "monthly" for RLUSD.
Which has the bigger market cap, PYUSD or RLUSD?
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PYUSD is larger at $2.74B in circulating supply, against $1.76B for the other. Over the last 7 days supply moved −1.36% for PYUSD and +13.28% for RLUSD.
Are PYUSD and RLUSD trading at $1.00 right now?
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PYUSD trades at $0.9999 (−0.013% off peg) and RLUSD at $1.0003 (+0.030% off peg). The gap between the two is about 4.3 basis points, which is the cost you pay when rotating size between them before fees.
Has PYUSD or RLUSD ever depegged?
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PYUSD: no material depeg recorded in our incident set. RLUSD: no material depeg recorded in our incident set. Past peg behaviour under stress is the single best available proxy for how a token trades in the next crisis.
Which is better for large institutional size, PYUSD or RLUSD?
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For block size the constraint is exit liquidity and primary redemption, not headline supply. PYUSD shows deeper on-chain liquidity at $920.86M versus $505.74M. Combine that with the redemption channel — PYUSD: direct; RLUSD: direct — and size trades against the primary window rather than the order book where possible.
Can I earn yield on PYUSD or RLUSD?
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PYUSD currently shows the higher rate at 9.46% via sentora · Ethereum, against 4.99% via aave-v3 · Ethereum for RLUSD. Neither token pays interest by holding it in a wallet: the yield comes from lending, liquidity provision or a wrapped yield-bearing version, each with its own counterparty and contract risk.
Which chains support both PYUSD and RLUSD?
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Both are deployed on 1 shared network, including Ethereum. PYUSD spans 7 chains in total and RLUSD spans 2. Bridged supply on a chain is not the same as natively issued supply, and it usually carries the bridge's risk rather than the issuer's.
What does it cost to switch from PYUSD to RLUSD?
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Budget three components: the current price spread of roughly 4.3 bps, swap or venue fees, and slippage against available depth ($920.86M for PYUSD, $505.74M for RLUSD). For meaningful size, redeeming with the issuer and minting the other side is often cheaper than a secondary-market swap.
Is PYUSD or RLUSD regulated?
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PYUSD is issued from United States (NYDFS) with monthly; RLUSD is issued from United States (NYDFS) with monthly. Regulatory status varies by your own jurisdiction and by whether the token is offered under a specific stablecoin regime, so treat this as a starting point for diligence, not legal advice.