PayPal USD (PYUSD) is a U.S. dollar-denominated stablecoin issued by Paxos Trust Company, fully backed by U.S. dollar deposits and equivalents.
Key Data
| Backing | Fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. |
| Auditor | KPMG LLP |
| Reserve Reporting | Monthly reserve reports and third-party attestations are published. |
| Redemption | Redeemable 1:1 for U.S. dollars through PayPal and Venmo platforms. |
| KYC Required | Yes |
| Peg Currency | USD |
| Launched | 2023 |
Supported Networks
Cross-Chain Supply (DefiLlama · $4.0B total)
Use Cases
Overview
PayPal USD (PYUSD) is a stablecoin launched in August 2023, issued by Paxos Trust Company on behalf of PayPal. It is designed to maintain a stable value by being pegged to the U.S. dollar.
How It Works
PYUSD is actively in circulation and can be used for transactions. It is redeemable 1:1 for U.S. dollars through PayPal and Venmo platforms.
Reserve Backing
PYUSD is fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. KPMG LLP conducts monthly attestations of its reserves.
Supported Networks
Initially launched on Ethereum, PYUSD expanded to Solana in 2024 and plans to be available on the Stellar network, pending regulatory approval.
Related Coverage
Other USD Stablecoins
Data source: CoinGecko ↗