PayPal USD

When PayPal put its name on a token in August 2023, it became the first major US consumer-payments company to launch a stablecoin. PYUSD is issued not by PayPal itself but by Paxos Trust Company, a New York regulated trust operating under a national trust bank charter, and is backed by dollar deposits, short-term US Treasuries and cash equivalents. Redemption at par is a Paxos affair, available only to verified institutional customers who pass full KYC and KYB; retail users buy, sell and spend it inside PayPal and Venmo or on the open market rather than redeeming with the issuer directly. From an Ethereum and Solana start, it has spread across many chains, and PayPal has pushed it into dozens of markets as a payments and remittance tool. Its market value has climbed into the billions, making it one of the larger bank-issued dollar tokens.