About PayPal USD
PayPal USD (PYUSD) is a U.S. dollar-denominated stablecoin built for payments, transfers, and value storage. It was created by PayPal and is issued by Paxos Trust Company, a regulated trust company. PayPal announced the project in 2023. The token launched on Ethereum as an ERC-20 asset on 7 August 2023 and expanded to Solana in May 2024. PYUSD is a centralized, fiat-backed stablecoin. Its reserves are held in U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents in segregated, regulated accounts. On-chain settlement uses the consensus mechanism of whichever blockchain the token runs on. The token functions as a price-stable transacting and settlement asset, not a staking or governance token. Each PYUSD is redeemable 1:1 for USD through PayPal and Venmo. Users can send funds globally, settle transactions, and convert between PYUSD and local currencies at that fixed rate. Supply is uncapped. Tokens are minted and burned against underlying reserves in response to demand. Total supply across both chains was roughly 4 billion PYUSD as of 2026.
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