PayPal’s PYUSD Surges to New All-Time High After Spark Partnership

Fintech giant PayPal’s PYUSD stablecoin recorded strong growth this week on the back of a new partnership with Spark, an onchain capital allocator incubated by Sky (formerly MakerDAO).

Spark announced the move yesterday and aims to boost PayPal’s stablecoin ecosystem by $1 billion over the coming weeks.

PYUSD surpassed the $1 billion market capitalization mark for the second time in August, and the stablecoin’s total valuation is up 100% since the beginning of Q3, with further growth anticipated as Spark begins to deploy more capital towards minting PYUSD.

PYUSD Market Capitalization – DeFiLlama

The growth makes PYUSD the ninth-largest stablecoin in DeFi, closely trailing Blackrock’s BUIDL USD and Falcon’s USDf stablecoin.

Spark has also been on a tear in 2025, with its total value locked (TVL) surging by 110% since the beginning of the year to an all-time high of $9 billion earlier this month.

The move comes as stablecoins continue to dominate headlines, with the most recent development being the launch of Plasma, the Tether-affiliated stablechain.

Plasma’s launch has exceeded expectations, and it has quickly become the seventh-largest chain in DeFi, with its XPL token soaring from its ICO valuation of $500 million to as high as $10.4 billion less than 24 hours after it began trading.

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