USD · fiat backed

PayPal USD PYUSD

Paxos Trust Company (for PayPal)

PYUSD is the US dollar stablecoin issued by Paxos for PayPal, distributed through PayPal's 400M+ user network and integrated with Venmo, Xoom and merchant rails.

Official site Reserves report Updated today
Live metrics
Updated 1d ago
Market cap
$1.1B
Daily volume
$95.0M
Holders
320,000
Dominance
0.4%
Supply history · 90d Updated today
$3.1B
Source: DeFiLlama
24h
-0.00%
7d
-15.38%
net−$554.9M
30d
-9.56%
net−$322.8M
minted 7d$12.9M
burned 7d$567.8M
Supply by chain Updated today
Total tracked
$3.1B
Source: DeFiLlama
6chains
Issuer

Paxos Trust Company, LLC (issuer) / PayPal Holdings Inc. (brand)

Country of origin
United States
Jurisdiction
New York, US
HQ
New York
Structure
public
Key people
  • Charles Cascarilla Paxos CEO · since 2012

PYUSD is issued by Paxos Trust under a partnership with PayPal. Paxos is a New York-regulated trust company; reserves are held at US banks under NYDFS oversight.

History

Timeline

  1. Aug 7, 2023
    PYUSD launches on Ethereum

    PayPal becomes the first major US fintech to issue a stablecoin.

  2. May 30, 2024
    PYUSD on Solana

    Solana deployment unlocks low-fee remittance use.

  3. Apr 15, 2025
    Xoom integrates PYUSD remittances

    PayPal's Xoom subsidiary enables PYUSD-denominated remittance corridors.

Investors and backing

Backing

Investors
PayPal Holdings Inc. (parent for brand)Paxos (issuer entity)
Mechanism and reserves
Updated 1d ago

Mechanism and reserves

Backing

100% cash, cash equivalents and short-term US Treasury bills held in segregated accounts under NYDFS supervision.

Mint / redeem

Retail users mint/redeem 1:1 USD via the PayPal app. Institutional issuance goes through Paxos.

Attestations

Reserve composition

  • US Treasuries 76.4%
  • Cash deposits 19.6%
  • Reverse repos 4.0%
Networks and deployments

Networks and deployments

Chain
Deployed
Contract
Supply
ethereum
Aug 7, 2023
0x6c3ea9…23A0e8
$580.0M
solana
May 30, 2024
—
$470.0M
0
Use cases

Real-world use

Used for
  • ›PayPal/Venmo wallet balance
  • ›Xoom remittances (US-to-LatAm corridors)
  • ›Merchant payments via PayPal
  • ›DeFi liquidity (limited)
Strong adoption in
United StatesMexico (Xoom corridor)Colombia
Regulation and compliance

Regulation and compliance

Issuer can freeze tokens
GENIUS Act (US) compliant

NYDFS-regulated; qualifies under federal framework.

MiCA (EU) not compliant

No EU EMI sought.

Controversies
  • !Initial low DeFi adoption — circulating supply concentrated in PayPal balances.
Risks and criticism

Specific risks

Compare with

Compare with

USD Coin USDC

Larger US-regulated competitor.
Tether USD USDT

Larger global stablecoin without US distribution.
Official resources

Resources

How to get it

Get it

Available at
PayPalVenmoCoinbaseCrypto.comCurve
How to custody
PayPal app (custodial)MetaMaskPhantom (Solana)Hardware wallet

How PayPal USD fits in

This page is a structured snapshot of PayPal USD as of 2026-05-31. For deeper analysis, see related blog posts on the blog index.