1. PYUSD Key Facts
| Token | PYUSD, also called PayPal USD |
|---|---|
| Peg | 1 U.S. dollar |
| Peg type | Fiat-backed stablecoin |
| Issuer | Paxos Trust Company |
| Brand / distribution | PayPal USD, available through PayPal and Venmo for eligible U.S. users, plus supported crypto venues |
| Launch | PayPal announced PYUSD on August 7, 2023 |
| Reserve report provider | KPMG LLP monthly examination reports published by Paxos |
| Supported chains listed by Paxos | Ethereum, Solana, Arbitrum, and Stellar |
| Market data source | CoinGecko and CoinMarketCap live PYUSD pages, checked May 7, 2026 |
2. Backing and Reserve Composition
Paxos publishes monthly PYUSD transparency reports. The reserve categories used in Paxos reports include U.S. Treasury bills, U.S. Treasury reverse repurchase agreements, cash deposits, and accrued interest or receivables where applicable.
| Reserve item | How Paxos reports it |
|---|---|
| U.S. Treasury bills | Reported as part of PYUSD reserves in monthly transparency reports |
| U.S. Treasury reverse repurchase agreements | Reported as collateralized Treasury repo exposure in reserve reports |
| Cash deposits | Reported as cash deposits at insured depository institutions where applicable |
| Accrued interest / receivables | Reported where applicable in monthly reserve tables |
3. Audit and Attestation Status
Paxos publishes monthly PYUSD reserve reports with examination reports from KPMG LLP. These reports compare token supply and reserve assets at a month-end point in time. Paxos also states that stablecoin reserves are held in cash and cash equivalents.
For current reserve values, use the latest PayPal USD report on the Paxos transparency page because token supply and reserve assets change month to month.
4. Redemption Mechanism
Paxos says PYUSD is issued and redeemed one-to-one for U.S. dollars by Paxos, subject to account eligibility and terms. PayPal says eligible U.S. PayPal and Venmo users can buy, sell, hold, and transfer PYUSD inside supported PayPal products.
Third-party exchange or on-chain prices can differ from direct issuer redemption terms because market prices depend on venue liquidity, fees, routing, and availability.
5. Market Cap, Price and Exchanges
PYUSD market cap, price, volume, and exchange listings change continuously. On May 7, 2026, CoinGecko's live PYUSD page showed a market cap around $1.5 billion, a circulating supply around 1.5 billion PYUSD, a price near $1.00, and listed active trading venues including Uniswap, Curve, and Kraken. Use live market pages for current figures.
| Current market cap | CoinGecko live page: about $1.5B on May 7, 2026; use live source for current value |
|---|---|
| Circulating supply | CoinGecko live page: about 1.5B PYUSD on May 7, 2026 |
| Price history | CoinGecko listed all-time high around $1.02 and all-time low around $0.9597 |
| Exchange examples | CoinGecko listed Uniswap, Curve, Kraken and other markets; availability changes by venue and jurisdiction |
6. Supported Chains and Contract Addresses
Paxos lists PYUSD on Ethereum, Solana, Arbitrum, and Stellar. PayPal originally launched PYUSD on Ethereum and announced Solana support in May 2024. Contract addresses below are from Paxos, PayPal, and major market data pages; check official sources before any transfer.
| Chain | PYUSD contract / token address |
|---|---|
| Ethereum | 0x6c3ea9036406852006290770bedfcaba0e23a0e8 |
| Solana | 2b1kV6D7spgbrd8GTghobYERw2vHpoPvNQFf9H3w5kFg |
Before sending PYUSD, check the recipient address
Stablecoin reserves do not verify the destination wallet. If you are sending PYUSD to an EVM address, scan the address for blacklist and behavior signals first.
Open Address Risk Checker7. Holder Yield and DeFi Yield Comparison
PYUSD itself is a stablecoin token, not a built-in yield token. Any yield shown by a third-party lending market, exchange product, or DeFi protocol comes from that venue's mechanics and terms, not from the PYUSD token contract itself.
If you are comparing live DeFi lending rates for larger stablecoins, use the Stablecoin Yield Scanner to check USDT and USDC APY by protocol, chain, TVL, and base vs reward yield breakdown.
Compare live USDT and USDC DeFi rates
Earning yield on stablecoins? Check current USDT and USDC APY across Aave, Compound, Spark, Fluid and other tracked DeFi markets.
8. Comparison Data Points
This page is not a recommendation or a full stablecoin comparison. The fields below are the data points to compare when looking at PYUSD next to USDT, USDC, USD1, or USDe.
| Market cap | CoinGecko and CoinMarketCap live market cap pages |
|---|---|
| Reserve composition | U.S. Treasury bills, Treasury repo, cash deposits, and accrued items reported in Paxos transparency reports |
| Issuer | Paxos Trust Company |
| Attestation frequency | Monthly reserve reports with KPMG examination reports |
| Direct redemption | One-to-one Paxos redemption subject to account eligibility and terms |
| Supported chains | Paxos lists Ethereum, Solana, Arbitrum, and Stellar |
| Holder yield | No built-in token yield; third-party products may have separate yield mechanics |