What is PayPal USD (PYUSD)?
PayPal USD (PYUSD) is a stablecoin launched by PayPal in August 2023, designed to maintain a 1:1 value with the US dollar. PYUSD is fully backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents, ensuring its value remains stable and secure. Issued by Paxos Trust Company, PYUSD is built on the Ethereum blockchain as an ERC-20 token, with additional support for the Solana blockchain, providing interoperability and ease of use across multiple platforms.
PYUSD can be bought, sold, held, and transferred within the PayPal app or on the PayPal website. Users can send PYUSD to friends and family within the US on PayPal without fees, or to Ethereum and Solana wallet addresses that accept PYUSD, subject to network fees. The stablecoin can also be used for checkout at millions of online stores, where PayPal converts the PYUSD to USD or the seller’s currency at the time of purchase.