PayPal's dollar stablecoin, issued and reserved by Paxos.
Live market data
CoinGecko data; may be delayed.
No declared max supply: no FDV is computable, supply follows demand.
100.0% of the achievable supply is already circulating.
$1.02 -2.05% · Oct 23, 2023
Source: CoinGecko, snapshot of Sep 13, 2026. Figures may be delayed.
Source: DefiLlama, data as of · Revenue is not reported by every protocol.. Figures are informational, not financial advice.
PYUSD is a dollar stablecoin issued by Paxos on behalf of PayPal, distributed inside one of the largest consumer payments networks in the world. PayPal's terms and Paxos's product pages describe it as fully backed by dollar deposits, US treasuries, and cash equivalents, redeemable 1:1, with no fees to convert inside PayPal. It is the clearest case of a payments giant putting its brand on-chain, and it inherits the standard centralized-stablecoin trade-offs with one addition: its fortunes are tied to a single corporate parent.
PYUSD is distribution-first: the strongest brand a stablecoin has had inside mainstream consumer finance.
Its reserve reports are monthly and its issuer is regulated, matching USDC's model at smaller scale.
Adoption is a PayPal product decision, which is both its growth engine and its cap.
Paxos, a regulated issuer, mints PYUSD when customers deposit dollars and burns it on redemption, publishing monthly reserve reports covering US treasury bills, reverse repos, and bank deposits. PayPal distributes the token across its wallet apps, where users can buy, hold, send, and convert with no conversion fee, and external wallets access it as a standard token on Ethereum and Solana. The two-layer structure matters: PayPal owns the user relationship, Paxos owns the reserve and regulatory posture, and neither can substitute for the other.
Dollar balance inside PayPal and Venmo with 1:1 redemption
Settlement and payments token across Ethereum and Solana
Bridge between consumer payment rails and on-chain applications
Like all fiat-backed stablecoins, PYUSD is designed not to appreciate; the yield on reserves accrues to Paxos and PayPal, not to holders. For PayPal the token is infrastructure: it reduces settlement friction inside its network and gives it a programmable dollar it controls end to end. Evaluating PYUSD means evaluating reserve quality and the durability of PayPal's commitment, not an investment thesis.
PYUSD supply expands and contracts with mint and redemption activity, and is reported monthly alongside reserve composition. It is a mid-cap stablecoin: large enough for deep trading liquidity, far smaller than USDT or USDC, which means its peg depends on redemption working well in both directions at smaller scale.
There is no token governance. Paxos controls issuance and reserves under NYDFS regulation; PayPal controls distribution and product placement. Both are single points of policy: address freezing is built into the contract and can be exercised by the issuer.
Redemption and freezing are centralized in Paxos, inheriting every centralized-stablecoin risk
Adoption depends on PayPal's continued product commitment, which can change with corporate strategy
Smaller liquidity than USDT/USDC makes its peg more sensitive to large outflows
Regulatory action against either PayPal or Paxos lands on the token directly
Paxos Trust Company issues and custodies PYUSD under New York financial regulator oversight; PayPal brands and distributes it. That split is why the reserve reports are Paxos documents while the consumer experience is a PayPal product.
Not by default. Reserve yield goes to the issuer partners, as with USDT and USDC. Any rewards programs offered through PayPal are product promotions, not on-chain interest, and their terms are set by PayPal alone.
Last verified:
Paxos · paxos.com · primary source
Issuance by Paxos, reserve composition claims, zero-fee conversion inside PayPal, and consumer distribution positioning.
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