PayPal USD 

PYUSD Price

What is the PayPal USD (PYUSD) stablecoin?

PayPal USD (PYUSD) is a fiat-backed stablecoin pegged 1:1 to the US dollar, issued by Paxos Trust Company, N.A. and branded by PayPal. PYUSD launched on Ethereum on August 7, 2023. Paxos backs every token with US dollar deposits, US Treasuries and cash equivalents, and redeems PYUSD at par. Inside PayPal and Venmo, users buy, hold, send and convert PYUSD fee-free; on-chain, PYUSD settles merchant payments, cross-border remittances and DeFi collateral.

Is PYUSD backed by US dollars 1:1?

Yes. Paxos backs each PYUSD 1:1 with US dollar deposits, US Treasuries and cash equivalents, and redeems PYUSD at par. Paxos publishes reserve reports monthly, verified by independent third-party attestation. Issuance and reserves sit under OCC oversight of Paxos Trust Company, N.A., a national trust bank. PayPal's virtual-currency activity has historically operated under NYDFS licensing. Redemption through Paxos and inside PayPal carries zero conversion fees.

Does PYUSD have a maximum total supply?

No. PYUSD has no fixed maximum supply — Paxos mints tokens when users or institutions deposit dollars and burns them on redemption, so supply expands and contracts with demand. Per DropsTab data, total supply stood at approximately 2.77 billion PYUSD as of October 1, 2026. For a fully backed stablecoin, total supply effectively equals circulating supply — every token in circulation maps to reserved assets rather than to an emission schedule.

Which blockchains is PYUSD deployed on?

PYUSD is deployed on six networks: Ethereum, Solana, Arbitrum One, Stellar, Polygon and Stable Chain. Ethereum hosted the first launch on August 7, 2023. Solana followed in May 2024, Stellar on September 18, 2025 after NYDFS approval of Paxos, and Polygon as a native Paxos issuance on July 9, 2026. The canonical Ethereum contract is verifiable on Etherscan. Bridged copies on other chains are distinct contract surfaces of the same Paxos-issued token — verify the contract before attributing supply.

Where can you buy and trade PYUSD crypto?

PYUSD trades on both centralized and decentralized venues. Per DropsTab data, more than a dozen centralized spot venues list PYUSD — including Kraken (PYUSD/USD), Bitstamp by Robinhood, Crypto.com Exchange, OKX, Bybit, Bitget and KuCoin — with USDT pairs dominating and Korean won pairs on Upbit and Bithumb. On decentralized exchanges, PYUSD trades in 15+ markets on Uniswap, Raydium and Meteora, mainly against USDC and USDT. No derivatives venues track PYUSD. Direct 1:1 redemption through Paxos mint-and-redeem functions as the deepest liquidity backstop.

Does PYUSD earn yield or rewards?

Yes. PayPal pays a variable rewards rate on PYUSD balances, advertised at 4% annually, accrued on average daily balances and paid monthly in PYUSD. The program is funded by PayPal as a distribution incentive — PYUSD itself has no staking mechanism and pays no protocol yield. PayPal has also run limited-time promotional boost rates in the past. PYUSD has no airdrops or quests; third-party DeFi yield campaigns on external venues are not PayPal programs.

Who issues PYUSD — Paxos or PayPal?

Paxos Trust Company, N.A. issues PYUSD and operates the mint-and-redeem and reserve-management function. PayPal owns the PYUSD brand and drives consumer distribution inside PayPal and Venmo, including fee-free buying, selling and transfers. Paxos operates as a national trust bank under OCC oversight. Institutional users access PYUSD through Paxos's direct mint-and-redeem service, bypassing retail interfaces entirely.

Did PYUSD hold an ICO or token sale?

No. PYUSD held no ICO, IDO or funding round — tokens enter circulation exclusively through mint-and-redeem flows against dollar deposits. Paxos, the issuing company, has raised over $500 million in corporate equity from investors including Oak HC/FT, Declaration Partners and PayPal Ventures. These are equity rounds of the issuer company, not PYUSD token fundraising, and no PYUSD token allocation exists.

Does PYUSD have vesting or token unlocks?

No. PYUSD has no token allocation, no team or investor vesting and no scheduled unlocks. Supply changes only through mint-and-redeem flows against dollar reserves, which removes unlock-driven sell pressure entirely. The rewards program pays users from PayPal's own funds, not from token inflation. This structure is standard for fully backed stablecoins and differs from venture-funded utility tokens.

Is PYUSD the same as PayPal stock?

No. PYUSD is a stablecoin redeemable 1:1 for US dollars — the token confers no equity, dividends or ownership in PayPal Holdings. PayPal Holdings trades separately under the ticker PYPL on NASDAQ. The "PYUSD" ticker on some venues also does not identify the issuer; the canonical instrument is the Paxos-issued token, verifiable at its published contract addresses on Etherscan and Solscan.