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 · $2.7B total)
Use Cases
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.
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.
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.
Recent Activity
- 2026-03-17AdoptionPayPal expands PYUSD stablecoin to users in 70 countries
- —Our coverageStablecoin Recap Mar 16–23, 2026: USDC saw a $0.399 billion outflow as the total stablecoin market cap decreased by $0.04 billion.
- —Our coverageStablecoin Recap Mar 2–9, 2026: USDC added $2.047 billion during a $4.17 billion market cap increase.
- —Our coverageStablecoin Recap Apr 20–27, 2026: US authorities froze $344 million in crypto linked to Iran.
- —Our coverageStablecoin Banking: The New Battle for Deposits, Payments and Licenses
- —Our coverageBIS vs Stablecoins: The Fragmentation Debate Is Back
Other USD Stablecoins
Profile compiled from issuer disclosures, regulatory filings, press releases, and financial media. Market and on-chain data sourced directly or via third-party providers. See methodology.