PYUSD, PayPal's USD-backed stablecoin, maintains a 1:1 peg to the U.S. dollar, is fully regulated by Paxos for transparency and stability. More
| Fully Diluted Valuation | $1.03B |
|---|---|
| 24H Trading Volume | $21.26M |
| 24H Low / High | $1.00 / $ 1.00 |
| Circulating Supply | 1.03 B |
| Total Supply | 1.03 B |
| Max Supply | 0.00 |
| Categories | Stablecoins 5 more |
|---|---|
| Founder | Paxos |
| Website | paypal.com |
| Socials | |
| Chains | Ethereum Ecosystem 2 more |
| Explorer | Arbiscan 5 more |
| Contracts | 0x6c3....3a0e8 2 more |
| Name | Pair | OG Score |
|---|
PayPal has entered the cryptocurrency arena with the launch of its own stablecoin, PayPal USD (PYUSD). Introduced on August 7, 2023, PYUSD is a USD-backed stablecoin built on the Ethereum blockchain, designed to provide users with a stable and reliable digital asset pegged at a 1:1 ratio to the US dollar.
Stability and Regulation
PYUSD's stability is ensured by its full backing with US dollar deposits, short-term US treasuries, and cash equivalents. This meticulous approach guarantees that 1 PYUSD is always equivalent to 1 US dollar, making it an attractive option for users seeking a stable digital asset in the volatile world of cryptocurrencies.
Regulatory oversight is a key aspect of PYUSD's design. Issued and managed by Paxos Trust Company, a regulated financial institution, PYUSD and its reserves are subject to strict supervision by the New York State Department of Financial Services. This regulatory scrutiny ensures compliance, transparency, and customer protection. The reserves, comprising US dollar deposits, US treasuries, and cash equivalents, are available for 1:1 redemption with Paxos, safeguarding customer funds.
Practical Use and Interoperability
PYUSD is not just a stablecoin; it's a versatile digital currency that users can employ for various digital transactions. From person-to-person payments to funding purchases at online checkouts, PYUSD facilitates seamless and efficient money movement. Users can also transfer PYUSD between PayPal and other external wallets.
One notable feature of PYUSD is its interoperability. As an Ethereum-based ERC-20 token, it can be transferred within the PayPal ecosystem and to compatible external crypto wallets. This broadens its usability and accessibility, allowing users to leverage the stability of PYUSD across different platforms.
PayPal's Vision and Integration
PayPal's journey into the cryptocurrency space began in 2020 when it allowed US users to buy, hold, and sell cryptocurrencies on its platform. The introduction of PYUSD marks a significant expansion of PayPal's commitment to digital currencies. The company aims to use PYUSD to streamline global payments through its extensive merchant network, potentially revolutionizing cross-border transactions and encouraging wider adoption of digital currencies for everyday payments.
Shortly after its launch, PayPal seamlessly integrated PYUSD into its broader ecosystem, enabling eligible US customers to purchase, hold, and transfer PYUSD. The speed at which PYUSD has gained traction in the market is evident from its market cap, which has surpassed $44 million in just over a month, placing it among the top 20 stablecoins by market capitalization.
Future Transparency and Trust
To enhance transparency, Paxos, the issuer of PYUSD, has committed to releasing detailed monthly reports on the assets backing the stablecoin, starting from September 2023. These reports, issued by independent third-party accounting firm WithumSmith+Brown, PC, will provide users with insights into the reserves, fostering trust and encouraging broader adoption of PYUSD.
In conclusion, PayPal's venture into the stablecoin realm with PYUSD signifies a pivotal moment in the evolution of digital currencies. With stability, regulatory compliance, and a vision for global payments, PYUSD emerges as a promising addition to the cryptocurrency landscape, offering users a secure and efficient means of engaging in digital transactions.
PYUSD has gained rapid market adoption since its August 7, 2023 launch, surpassing a market cap of $44 million in just over a month. Its integration into PayPal's ecosystem and commitment to transparency through monthly reports contribute to its growing popularity.
PYUSD stands out as PayPal's own stablecoin, offering stability through full backing with US dollar deposits, treasuries, and cash equivalents. Its regulatory oversight by Paxos Trust Company and integration within the Ethereum blockchain make it a reliable and versatile digital asset.
PayPal USD (PYUSD) is PayPal’s stablecoin, issued by Paxos.
Paxos.
You can buy PayPal USD (PYUSD) on Gate.io, Bitget, Bybit, OKX, Kraken cryptocurrency exchanges.
