PYUSD deposits on Morpho Blue increased by $90.7 million in the 30 days through Aug. 21, 2026, while Paxos’s two flagship stablecoins, Global Dollar (USDG) and PayPal USD (PYUSD), jointly added $313.6 million in market capitalization during a 30-day period ending in mid-August 2026. USDG accounted for roughly $305 million of the increase, taking its market capitalization to approximately $3.4 billion, while PYUSD contributed the remaining share. The figures point to expanding stablecoin use across decentralized lending, payments and broader on-chain financial markets. Morpho Blue allows users to create permissionless lending markets without a central committee determining eligible assets or terms, supporting curated vaults in which asset managers build yield products. A Sentora-curated vault held roughly $110 million by mid-June 2026, with the overwhelming majority in PYUSD. USDG’s designation as the native stablecoin on Robinhood Chain also supported rapid growth, with supply reaching hundreds of millions on the network after integration. PYUSD maintains a 1:1 peg to the U.S. dollar and USDG maintains a 1:1 peg to U.S. dollar assets, including Treasuries and cash equivalents. Paxos operates both tokens through a zero-fee mint-and-redeem model, with U.S. dollar asset backing and oversight from the Office of the Comptroller of the Currency, while Paxos provides monthly reserve attestations. The older account also states that PYUSD undergoes regular KPMG audits. Visa’s 2025 support for USDG and PYUSD payment settlement, along with PYUSD’s availability in dozens of markets through PayPal’s network serving hundreds of millions of people, added distribution and institutional support.