PayPal USD
PayPal USD (PYUSD) is a stablecoin designed for payments and is 100% backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents.
PYUSD is redeemable 1:1 for U.S. dollars and is issued by Paxos Trust Company.
Background
PayPal USD is issued by Paxos Trust Company, a fully licensed limited purpose trust company subject to regulatory oversight by the New York State Department of Financial Services. PYUSD is issued as a fiat-backed stablecoin on the Ethereum blockchain. Stablecoins can enable fast and efficient money movement and are programmable, offering developers a digital currency that can be built into public blockchains and can help link the traditional economy and Web3.
Launch
PayPal USD announced the launch of its stablecoin on August 7 2023.
How does it work?
Paxos-issued stablecoin PYUSD and its reserves are subject to strict regulatory oversight by the New York State Department of Financial Services (NYSDFS). Reserves are held 100% in US dollar deposits, US treasuries and cash equivalents – meaning that customer funds are available for 1:1 redemption. Paxos’ customer assets are also protected from bankruptcy and fully segregated from corporate assets. Even in the case of PayPal or Paxos enterprise failure, customers would be able to recoup all PYUSD funds enabled by NYDFS. Paxos publishes a public monthly Reserve Report for PayPal USD that outlines the instruments composing the reserves. Paxos also publishes a public third-party attestation of the value of PayPal USD reserve assets. Attestation reports are issued by an independent third-party accounting firm and conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA).
Sources and Resources
Information on this page includes third party content. Such content has not been verified or endorsed by Bullish. Bullish does not warrant that such content is complete, accurate, up-to-date or appropriate for your intended use and Bullish is not liable for any errors or delays in updating such content or ensuring its availability. Any reliance on or interaction with such content is solely at your own risk. Material provided on this page is for informational purposes only and does not constitute investment advice. This information is not and should not be interpreted as a recommendation to buy, sell, or hold a digital or fiat currency or to use a particular investment strategy. You should conduct due diligence before deciding whether to transact in any digital asset or fiat currency. Any prices displayed are for illustrative purposes only. Not all digital assets may be available in all jurisdictions or to all types of customers. Please see the Risk Warnings for important additional information.
The Bullish Group and related parties engage in a range of businesses that may involve: trading their own assets on the Bullish exchange or elsewhere; holding or owning digital assets or fiat currencies or derivatives contracts traded on or off of the Bullish exchange; and participating in or performing other services and transactions on the Bullish exchange or that relate to activity on the Bullish exchange. In addition, the Bullish Group from time to time may enter into arrangements with digital asset issuers, sponsors and/or other third parties that may result in a direct or indirect benefit to the Bullish Group, including Bullish (GI) Limited, the operator of the Bullish exchange. The scope of any such arrangement may include, for example, listing a digital asset, ensuring liquidity in a particular virtual asset market, providing other services in relation to a digital asset or receiving rewards for holding particular assets on the Bullish exchange. The Bullish Group and related parties may also make investments in issuers of digital currencies that trade on the Bullish Exchange; companies that develop the protocols or technologies on which digital assets traded on the Bullish exchange may rely; or companies that are active in ecosystems that may benefit from the trading of particular digital currencies on the Bullish exchange. The Bullish exchange has policies in place to manage conflicts of interest.
Trade crypto’s biggest assets on Bullish.
