Why have the 430 million users of the world's largest payment platform barely made an impact in the stablecoin competition? PayPal boasts 439 million active accounts, spanning over 200 countries and regions worldwide, with an annual total payment volume (TPV) of $1.79 trillion, capturing about 45% of the global online payment market share. What does this mean? Nearly one out of every two online payments globally goes through PayPal. However, PayPal's stablecoin PYUSD, launched in August 2023, had a market cap of only about $3.9 billion as of April 2026. In comparison: Circle's USDC has a market cap of approximately $78 billion—20 times that of PYUSD. The more critical comparison lies in on-chain transaction volume: From 2026 to date, USDC's on-chain transaction volume has reached $2.2 trillion, surpassing USDT's $1.3 trillion and setting a historic high. Meanwhile, PYUSD's 24-hour trading volume has consistently hovered between $100 million and $200 million—USDC's daily average trading volume is nearly 100 times that. This raises a thought-provoking question: Why have the 430 million users of the world's largest payment platform barely made an impact in the stablecoin competition? The answer lies in a concept many people confuse— the fundamental difference between traffic and infrastructure.