24h Change-0.008%
All Time HighApr 2, 2026$1.08
All Time LowDec 5, 2024$0.96
Market Cap$2.966b
Fully Diluted Valuation$2.966b
Circ. Supply2.967b PYUSD
CEX Volume$140.34m
DEX Volume$88.18m
How much debt can be issued against PYUSD as collateral across lending protocols.
Maximum possible exposure to PYUSD
$502.7m
$10.18m (max additional borrows against PYUSD) + $492.52m (bad debt if PYUSD was hacked now)
Aave V3
$10.38m at-risk exposure = $4.95m bad debt if hacked + $5.43m additional borrowable against PYUSD
Euler V2
$126.45m at-risk exposure = $121.7m bad debt if hacked + $4.75m additional borrowable against PYUSD
Maple
$365.87m at-risk exposure = $365.87m bad debt if hacked + $0 additional borrowable against PYUSD
Showing collateral exposure for PYUSD on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for PYUSD as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
PYUSD0x6c3ea9036406852006290770bedfcaba0e23a0e8 | $5.43m | $4.95m | ||
PYUSD0x6c3ea9036406852006290770bedfcaba0e23a0e8 | $4.75m | $121.7m | ||
PYUSD0x6c3ea9036406852006290770bedfcaba0e23a0e8 | $0 | $365.87m |
Risk-management actions published about PYUSD by tracked risk managers and governance contributors, newest first.
PYUSD supply fell $200M, driven by Maple Finance's announced DeFi exposure reduction on April 20 following the KelpDAO exploit, with $95M withdrawn from the Maple PYUSD reserve and $100M from the Main reserve. This erased prior gains and reflected broader risk-off repositioning.
Morpho v2 PYUSD vault deposits grew 33× from $27M to part of $891M total (+33× YTD) but suffered a -34% drawdown in the April 18–20 stress event.
PYUSD supply grew $35.6M as deposits migrated from the Main Market to the Maple market, attracted by higher APY of 1.73% versus 1.30%.
PYUSD supply declined -$27M with continued rotation out, and debt fell -$17M amid systematic deleveraging during the correction. The Sentora PYUSD vault, despite incentives, saw 9% deposit drop consistent with ecosystem contraction.
A new Spark Savings vault for PYUSD is being introduced with specified Target Liquidity and Rewards Rate parameters to enable this stablecoin as a savings option, starting with a maximum buffer for instant withdrawals to ensure liquidity.
PYUSD supply outflow of $120M was driven by depositors withdrawing due to reduced incentive yields, making deposit rates less attractive despite $42M debt growth from high utilization.
PYUSD expanded to $530M (40% of stablecoins) amid PayPal's Solana push and incentives, achieving 36.7% utilization and 54% vault penetration for yield optimization, signaling growing institutional adoption in stable strategies.
PYUSD reserves in SparkLend, backed by SLL, will be claimed to the ALM Proxy to increase available risk capital, with the NAV uplift settled as USDS profit to optimize protocol equity returns under current constraints.
Onboarding the Uniswap v4 PYUSD/USDS pool enables precise liquidity placement in narrow ranges for limit orders and rebalancing, supporting USDS peg stability with assessed relayer compromise risk under $90K in a 12-hour recovery scenario.
Integration with Paxos enables direct minting from USDC and fee-free swaps to USDG or USDC, providing backup liquidity options despite potential secondary market efficiency. Rate limits are set high for outflows to USDC to handle stressed conditions, with solvency risk discounted due to regulation and cash backing.
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Showing 10 of 37 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabPYUSD-USDC | $45.46m | 6.13% | 1.36% | 4.77% | |||||
| open in new tabPYUSDEVK Vault ePYUSD-6 | $14.26m | 6.01% | 3.29% | 2.72% | 5.80% | ||||
| open in new tabPYUSD-USDCCurve | $440,514 | 5.83% | 4.54% | ||||||
| open in new tabPYUSD-CRVUSDCurve | $305,469 | 5.30% | 0.12% | 2.62% | |||||
| open in new tabPYUSD-USDC0.01% | $285,390 | 8.36% | 8.36% | 5.05% | |||||
| open in new tabPYUSDPrime HELOC Loop | 🪂 | $74,958 | 14.04% | 14.04% | 21.09% | ||||
| open in new tabPYUSD-USDG | $47,036 | 13.31% | 13.31% | 5.16% | |||||
| open in new tabPYUSD | 🪂 | $43,597 | 5.21% | 5.21% | 5.33% | ||||
| open in new tabPYUSD-USDT0.3% | $26,106 | 5.76% | 5.76% | 3.25% | |||||
| open in new tabPYUSDJLP Market | $6,678 | 10.22% | 10.22% | 7.85% |
Showing 10 of 420 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabPYUSD âžž DAI | $7.98m | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž ANKRFLOWEVM | $1.58m | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž FLAME | $798,310 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž TPX | $394,473 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž POLIS | $1 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž USDC | $0 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž USDC | $0 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž USDC | $0 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž SOL | $0 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m | ||
| open in new tabPYUSD âžž SOL | $0 | 3.37% | 3.37% | 0% | 75% | $13.76m | $11.17m |
