PayPal’s stablecoin ambitions just got a new address. On July 9, 2026, the company announced that PYUSD is now issued natively on the Polygon blockchain, with Paxos Trust Company handling the issuance. The stablecoin is also integrating with Polygon’s Open Money Stack, a toolkit designed to give businesses compliant fiat on-ramps, off-ramps, and stablecoin infrastructure without having to build everything from scratch.

In plain terms: companies that want to move money on Polygon can now use PYUSD as a native asset rather than a bridged one.

Why native issuance is the point

Bridged assets carry extra risk. When a token is bridged from one chain to another, it depends on the security of the bridge itself, which has historically been one of crypto’s most exploited attack surfaces. Native issuance sidesteps that problem entirely. PYUSD minted directly on Polygon is a first-class citizen of that network, not a representation of something sitting on Ethereum.

Speed and cost are the obvious draws. Polygon’s network is substantially faster and cheaper than Ethereum’s base layer, which matters when you are processing enterprise payment volumes rather than occasional retail transactions.

PYUSD launched in August 2023 as an ERC-20 token on Ethereum. Solana came next. By mid-2026, PYUSD had been deployed across roughly 17 networks. Polygon is the latest addition to that list.

The numbers behind the expansion

PYUSD’s market cap sits at approximately $2.714 billion as of July 2026, with daily trading volume running around $184 million.

In March 2026, PayPal opened PYUSD access to consumers and merchants across 70 international markets. That global rollout was the demand-side build; this Polygon integration is the infrastructure side.

On the reserve side, PYUSD is backed by US dollar deposits, short-term US Treasuries, and cash equivalents. Independent firms conduct monthly attestations.

Paxos is not a new name in this context. The New York-regulated trust company has been the infrastructure backbone behind PYUSD since day one. Paxos also issued Binance’s BUSD before that product was unwound following regulatory pressure.