Issuer explainer

What Is PYUSD?

PayPal USD (PYUSD) is PayPal's dollar stablecoin, issued by Paxos. Here is how it works, how it is backed, and where it runs, with live market data.

PYUSD (PayPal USD) is a U.S. dollar stablecoin launched by PayPal in August 2023 and issued by Paxos Trust Company, a regulated New York trust. Each token is meant to hold a value of one dollar and is redeemable 1:1.

It is one of the first dollar stablecoins from a mainstream consumer payments company, putting on-chain dollars directly inside PayPal and Venmo.

How PYUSD is backed

Paxos holds the reserves and publishes monthly attestations. Reserves are held in U.S. dollar deposits, short-dated U.S. Treasuries, and cash equivalents so holders can redeem at par. Paxos is supervised by the NYDFS.

Chains and availability

PYUSD launched as an ERC-20 token on Ethereum and later expanded to Solana for faster, cheaper transfers, with the issuer continuing to add networks.

What PYUSD is used for

  • Payments and transfers across PayPal and Venmo
  • Merchant settlement and cross-border payouts
  • An on and off ramp between fiat and crypto
  • Holding dollars on-chain with 24/7 settlement

Market data from CoinGecko, refreshed on each deploy. Editorial details per issuer disclosures. Not investment advice.

FAQ

PYUSD, answered

What is PYUSD?

PYUSD (PayPal USD) is a U.S. dollar stablecoin launched by PayPal in August 2023 and issued by Paxos Trust Company. It is designed to be redeemable 1:1 for a dollar and is backed by dollar deposits, short-term U.S. Treasuries, and cash equivalents.

Who issues PYUSD?

PYUSD is issued by Paxos Trust Company, regulated by the New York State Department of Financial Services (NYDFS). PayPal is the brand and distribution partner; Paxos holds the reserves and manages issuance and redemption.

Is PYUSD safe and backed?

PYUSD is fully reserve-backed with monthly attestations published by Paxos. As with any stablecoin, residual risks include issuer and reserve quality, redemption liquidity, and smart-contract risk.

What blockchains is PYUSD on?

PYUSD launched as an ERC-20 token on Ethereum and later expanded to Solana, with more networks added over time to lower fees and broaden access.