PYUSD's circulating supply fell to about $2.7 billion in early August, down from over $4 billion in March. This decline follows PayPal's creation of a new Payment Services & Crypto division that groups PYUSD with Braintree and merchant processing. The organizational shift reflects PayPal's strategic focus on integrating its stablecoin into core payment infrastructure. CEO Enrique Lores indicated that PayPal intends to progressively introduce additional merchant solutions incorporating PYUSD and agentic payments, capabilities he said can support future growth.