PYUSD vaults
About PYUSD vaults
PayPal USD PYUSD is used in 10 stablecoin vaults with $715.9M TVLacross 6 protocols. The largest vaults are Sentora PYUSD Main, Sentora PRIME Main, Sentora PST Mainand the most popular vault protocols are Morpho, Upshift and Euler. The last 30 days' average yield is 3.4%.
About PayPal USD
PayPal USD (PYUSD) is a USD-backed stablecoin issued by PayPal in partnership with Paxos Trust Company. It is fully backed by US dollar deposits, US Treasuries, and similar cash equivalents. PYUSD is available on Ethereum and Solana.
PYUSD is issued by PayPal in partnership with Paxos Trust Company on Ethereum (launched August 2023) and Solana (launched May 2024).
Mechanism
- 100% backed by US dollar deposits, short-term US Treasuries, and cash equivalents
- Custodied and issued by Paxos Trust Company on behalf of PayPal
- 1:1 redeemable for USD via PayPal
- ERC-20 on Ethereum with 6 decimal places; uses an upgradeable proxy pattern
Status
Active with approximately $4.1 billion market cap and 66,000+ holders on Ethereum as of early 2025. One of the largest fiat-backed stablecoins.
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Performance and risk
The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sentora PRIME Looping Upshift | 11.0% | 11.3% | 3.4% | 14.0 | 0.8% | -0.0% | PYUSD | $2.21M $2.31M | 0.3 | 0.0%/ 0.0% | 3d | Severe |  | ||
TCS Settlement Pool Token V2.1 Bulla Network | 6.8% | 7.6% | 2.8% | 7.1 | 1.0% | 0.0% | PYUSD | $23.69K $113.79K | 0.4 | 0.0%/ 0.0% | Unknown | Low |  | ||
Steakhouse Prime Instant Morpho | 6.4% | 5.8% | 4.5% | 28.9 | 0.2% | 0.0% | PYUSD | $350.55K $795.93K | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Sentora PST Main Morpho | 5.1% | --- | 0.5% | 19.6 | 0.3% | 0.0% | PYUSD | $72.92M $73.04M | 0.1 | 0.0%/ 15.0% | Instant | Negligible |  | ||
K3 Capital PYUSD Euler | 4.4% | 3.1% | 1.9% | 10.6 | 0.3% | 0.0% | PYUSD | $360.19K $299.99M | 0.9 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Sentora PRIME Main Morpho | 3.7% | 3.8% | 1.3% | 35.9 | 0.1% | 0.0% | PYUSD | $214.57M $225.81M | 0.4 | 0.0%/ 15.0% | Instant | Negligible |  | ||
Spark Savings PYUSD Spark | 3.6%* | 3.6%* | 3.0%* | 7.5 | 0.5% | 0.0% | PYUSD | $24.45K $2.37M | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Sentora PYUSD Main Morpho | 2.9% | 2.5% | 1.3% | 43.8 | 0.1% | -0.0% | PYUSD | $401.81M $441.10M | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Prime HELOC Loop IPOR Fusion | 2.7% | 7.8% | 3.3% | 7.9 | 1.0% | -0.2% | PYUSD | $14.44K $421.27K | 0.4 | 0.6%/ 10.0% | Instant | Low |  | ||
Sentora mWIN Main Morpho | 1.2% | --- | 0.2% | 31.4 | 0.0% | 0.0% | PYUSD | $23.46M $33.91M | 0.2 | 0.0%/ 15.0% | Instant | Negligible |  |
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