PayPal USD (PYUSD) Review
PayPal's USD stablecoin, now federally regulated by the OCC (December 2025)
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PYUSD is PayPal's USD stablecoin, issued by Paxos Trust Company. On December 12, 2025 the OCC approved Paxos's conversion from a NYDFS limited-purpose trust to a national trust charter, making PYUSD the largest US dollar stablecoin issued by a federally regulated entity. Market cap ~$3.61B. Native on Ethereum, Solana, Arbitrum, Stellar; bridged via LayerZero PYUSD0 on 7 more chains. The PYUSD Rewards program (3.7% APY, US-only) is the primary retail adoption lever. Delisted from EEA CASPs Dec 2024-Mar 2025 as non-MiCA-authorized; Paxos Issuance Europe Oy issues USDG (not PYUSD) under the FIN-FSA EMI license.
US-based holders accessing PYUSD Rewards (3.7% APY) directly via PayPal or Venmo wallet. DeFi users on Solana wanting USD stablecoin diversification beyond USDC (PYUSD on Solana ~$445M circulating). Builders integrating with PayPal/Venmo on-ramps for US users.
You're an Italian or EEA retail user — PYUSD has been delisted from all MiCA-licensed CASPs serving Italy. You want a stablecoin qualifying for the Italian 26% MiCAR carve-out (PYUSD is taxed at 33%). You want broad DeFi liquidity comparable to USDC.
Datos rápidos
- Ticker
- PYUSD
- Issuer
- Paxos Trust Company, N.A.
- Peg
- USD
- Backing
- fiat collateralized
- Market cap
- $3.6B
- Chains
- 4
- Attestation
- monthly
- Fiat redeem
- Yes
Desglose de puntaje Skrumble
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Auditors / attestors
- · KPMG LLP (monthly attestations from Feb 2025)
- · WithumSmith+Brown (historical, through Feb 2025)