Introduction to PayPal USD (PYUSD)
PayPal USD (PYUSD) is a USD-backed stablecoin introduced by global payment giant PayPal. Fully supported by dollar deposits, short-term U.S. Treasuries, and cash equivalents, PYUSD offers 1:1 redeemability for USD. Issued by Paxos Trust Company—regulated by the New York State Department of Financial Services—PYUSD debuted on Ethereum in August 2023 and expanded to Solana in May 2024.
Key Highlights:
- First stablecoin by a major financial corporation, leveraging PayPal’s payment expertise and Solana’s high-performance blockchain.
- Current stats: 908,164,708 PYUSD in circulation ($908M market cap), ranking #6 among USD stablecoins.
- Backing: Transparent reserves with monthly attestations.
Team & Background
Alex Chriss (CEO): Former executive at Intuit and board member at Houzz, driving PayPal’s Web3 initiatives.
Note: PYUSD is a PayPal-native project without external funding.
Tokenomics
| Metric | Details |
|---|---|
| Symbol | PYUSD |
| Total Supply | 908,164,708 (ERC-20/Solana) |
| Contract | Etherscan link |
| Allocation | 100% circulating |
Community & Media
- Twitter: Follow PayPal for updates.
- Solana integration broadens PYUSD’s utility in fast, low-cost transactions.
How to Buy PYUSD
- Create an account on a supporting exchange.
- Deposit USD or swap other cryptocurrencies.
- Trade for PYUSD via ETH or SOL pairs.
FAQs
1. What makes PYUSD unique among stablecoins?
PYUSD combines PayPal’s regulatory compliance with multi-chain (Ethereum/Solana) flexibility, targeting mainstream adoption.
2. Is PYUSD safe to hold?
Yes, its reserves are audited monthly, and Paxos adheres to NYDFS standards.
3. Where can I use PYUSD?
For payments, remittances, or as a hedge in crypto trading—supported by PayPal merchants and DeFi platforms.
Final Thoughts
PYUSD bridges traditional finance and crypto, offering stability and scalability. Its growth reflects increasing trust in institutional stablecoins.
Disclaimer: This content is informational only and not investment advice.