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Why have the 430 million users of the world's largest payment platform almost played no role in the stablecoin competition?
PayPal has 439 million active accounts, covering over 200 countries and regions worldwide, with an annual total payment volume (TPV) reaching $1.79 trillion, accounting for about 45% of the global online payment market.
What does this mean? Nearly one out of every two online payments globally goes through PayPal.
However, the stablecoin PYUSD launched by PayPal in August 2023 had a market capitalization of only about $3.9 billion as of April 2026.
In comparison: Circle's USDC has a market cap of about $78 billion — 20 times that of PYUSD.
A more critical comparison is on-chain trading volume: from 2026 to now, USDC's on-chain trading volume has reached $2.2 trillion, surpassing USDT's $1.3 trillion, setting a new all-time high. Meanwhile, PYUSD's 24-hour trading volume has long remained between $17.9k and $22k — USDC's daily trading volume is nearly 100 times that.
This raises a question worth deep reflection: why have the 430 million users of the world's largest payment platform almost played no role in the stablecoin competition?
The answer lies in a concept that many people confuse — the fundamental difference between traffic and infrastructure.