PayPal PYUSD Hits $4B as Mastercard Spends $1.8B to Enter Stablecoin Race

PayPal’s dollar is currently under the spotlight. The PayPal stablecoin, PYUSD, has managed to cross $4 billion in supply, spreading across 70 countries and four major chains. At around the same time, Mastercard signed a deal to acquire stablecoin firm BVNK for up to $1.8 billion. For years, traditional finance kept its distance from stablecoins, but now it’s moving in fast.

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Mastercard Buys BVNK for $1.8B as PYUSD Supply Doubles Ripple’s RLUSD

The gap between new stablecoins is becoming clearer. In the PYUSD vs RLUSD race, PayPal is ahead for now. PYUSD is sitting at about $4 billion in supply, while Ripple’s RLUSD is a little over $1.5 billion. Ripple, however, is expanding into banking partnerships, including efforts to bring RLUSD access to financial institutions in Brazil.

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A major reason for this disparity is reach. PayPal crypto payments are built into a platform with more than 400 million users. PYUSD is already live on Ethereum (ETH), Solana (SOL), Arbitrum (ARB), and Stellar (XLM), which makes it easier to move money quickly and at lower cost. This kind of access is more important than hype alone.

Meanwhile, Mastercard’s BVNK acquisition shows where things are heading. BVNK’s system already handles around $30 billion in payments each year. According to the firm, it even supports transactions across more than 130 countries. Along with this, Mastercard recently partnered with MetaMask to launch a self-custody crypto card. Mastercard chief product officer Jorn Lambert said,

“BVNK has spent the last seven years building not just the technology, but also obtaining licenses in multiple geographies.”

Amidst this, stablecoin volumes reached at least $350 billion in 2025. This notable data was brought to light by Mastercard. This kind of activity is starting to pull in the biggest names in payments. While PayPal is already moving dollars on-chain at scale, Mastercard is catching up.

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