PayPal's stablecoin PYUSD, despite being positioned as a global payment solution, has struggled to gain adoption. The token's first transparency report revealed that it is backed by $45.3 million in assets, with the majority being reverse repurchase agreements collateralized with US Treasuries. However, PYUSD's market capitalization of $43.4 million pales in comparison to leading stablecoins like USD Coin and Tether, which have market caps of $83 billion and $26 billion respectively.