PayPal's PYUSD shrank $136 million in a day and $377 million since its October 27 peak
The PayPal dollar token lost 4.9% of its market value in 24 hours, CoinGecko data show, while Ripple's RLUSD and the Global Dollar held steady. Its price never left $1.
Key points
- PYUSD's market value fell $135.7 million, or 4.85%, in the 24 hours to 6:46 a.m. ET on November 12, to $2.67 billion.
- It peaked at $3.04 billion on October 27. Since then it has shrunk $377 million, or 12.4%.
- The price stayed between $0.9987 and $1.0003, so the drop is fewer tokens, not a broken peg.
What moved
PYUSD is the dollar stablecoin PayPal offers. Like other stablecoins it is built to stay at $1, so its market value tracks the number of tokens in circulation. When holders cash tokens back in for dollars, supply falls.
At 6:46 a.m. ET on November 12, 2026, CoinGecko put PYUSD at $2.67 billion, down $135.7 million (4.85%) in 24 hours. That was the biggest percentage drop among the ten largest dollar stablecoins. USDC lost 0.63% and USDT 0.08%.
Two weeks of steps down
CoinGecko's daily data show PYUSD grew to $3.04 billion on October 27. It then fell in steps: about $146 million on October 30, about $148 million on November 2 and the latest drop this week.
The hourly readings show the biggest single move on November 11, between noon and 1 p.m. ET, when the value fell from $2.80 billion to $2.70 billion. Hourly figures swing, but the daily direction since October 27 is down.
Over the full 30 days of the series, PYUSD went from $2.87 billion on October 14 to $2.67 billion now, a net drop of about $201 million (7.0%). The token gained about $176 million in the second half of October, then gave all of it back and more in November. A short rebound, seen in the readings for November 8 and November 9, added about $99 million before the slide resumed.
PYUSD market value, October 14 to November 12, 2026
US$ billion
Daily readings taken at midnight UTC (8 p.m. ET in October, 7 p.m. ET in November) on the evening before each date, last point live. Source: CoinGecko API, read November 12, 2026.
Peers held steady
Other dollar tokens of a similar size barely moved over the same 24 hours. Ripple's RLUSD grew $7.7 million to $2.71 billion and the Global Dollar (USDG) was flat at $2.70 billion. With PYUSD at $2.67 billion, the three now sit within $42 million of each other.
PYUSD's price stayed between $0.9987 and $1.0003 over the two days. Trading volume rose to $66.5 million in 24 hours, from about $37 million a day earlier. The data show the tokens leaving, not who cashed them in or why.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the steady $1 price points to ordinary redemptions rather than stress, since a token under pressure usually trades below its peg.
- At $2.67 billion, PYUSD's market value is already a little below RLUSD ($2.71 billion) and USDG ($2.70 billion). If the trend holds, the gap is likely to widen.
- PYUSD was not the only token shrinking: USDC lost about $454 million of market value in the same 24 hours, but that was under 1% of its size.
What's next
- Whether PYUSD keeps falling against RLUSD and USDG on CoinGecko's ranking
- Any statement from PayPal on PYUSD supply
- The next daily reading of total stablecoin supply
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
