PayPal PYUSD: The Complete 2026 Guide to PayPal's Stablecoin

TL;DR

• PYUSD is PayPal's US-dollar stablecoin, launched on Ethereum on August 7, 2023 and expanded to Solana on May 29, 2024. It is issued by Paxos Trust Company under a NY DFS charter and backed 1:1 by cash and short-dated US Treasuries.
• PYUSD's market cap peaked near $4.2B in March 2026 before contracting to roughly $2.8B by mid-July 2026 — still among the half-dozen largest USD stablecoins, behind USDT, USDC and DeFi-native dollars like Sky's USDS and Ethena's USDe.
• PYUSD's distinctive moat is consumer distribution: PayPal's 400M+ user base, Venmo's 60M+ active US users, Xoom remittances, 35M+ merchant network and a rumoured (unconfirmed) Cash App integration. It is one of the few stablecoins with a credible path to mass-market retail adoption.
• PYUSD is positioned for the GENIUS Act era — fully reserved, NY DFS-licensed, segregated reserves at insured banks — and is expected to be among the first Permitted Payment Stablecoin Issuers licensed when the federal regime takes effect in 2026-2027.

Table of contents

• What is PYUSD?
• How PYUSD works
• Launch timeline
• Issuer: Paxos and Charles Cascarilla
• PayPal leadership: Alex Chriss and Jose Fernandez da Ponte
• Regulation: NY DFS, GENIUS Act and MiCA
• Reserves and audits
• Multi-chain footprint: Ethereum + Solana + others
• PYUSD in DeFi: Aave, Compound, Curve, Kamino, Drift, Solend
• Yield options for PYUSD holders
• Distribution: Venmo, Xoom, merchants, Cash App
• PYUSD vs USDC, USDT, USDP, GUSD, RLUSD, USDG
• PYUSDx — branded stablecoin issuance
• Stripe and PYUSD partnership
• Adoption metrics
• Future roadmap
• Risks and criticism
• How to buy and use PYUSD
• Comparison table
• FAQ
• Glossary

What is PYUSD?

PYUSD (PayPal USD) is a US-dollar stablecoin issued by Paxos Trust Company on behalf of PayPal. Each PYUSD is redeemable 1:1 for USD via PayPal's app or directly via Paxos. The token is fully backed by US dollar deposits, short-term US Treasury bills and overnight repurchase agreements, held in segregated, bankruptcy-remote accounts at insured US financial institutions.

PYUSD is regulated by the New York Department of Financial Services (NY DFS) under the same supervisory framework that governs Paxos's other dollar-backed tokens. It is the first major stablecoin issued under the brand of a globally recognised consumer payments company — a structural advantage that none of the other top-five stablecoin issuers can match.

In the wider stablecoin landscape (covered in our stablecoins explained 2026 guide), PYUSD sits in the same "fiat-collateralised, regulated US issuer" bucket as USDC and USDP (Pax Dollar). It does not pay interest, it is not algorithmic, and it is not backed by any volatile collateral.

How PYUSD works

The mechanics are deliberately simple — that is the point.

1. A user sends USD to PayPal, or buys PYUSD from a supported exchange (Coinbase, Kraken, Crypto.com).
2. PayPal instructs Paxos to mint new PYUSD tokens 1:1 against the deposit.
3. Paxos holds the underlying USD and Treasury bills in segregated accounts at insured banks under a custody agreement.
4. The user can hold, send or spend PYUSD in PayPal's wallet, on Venmo, in DeFi or via direct on-chain transfer.
5. To redeem, the user sends PYUSD back to PayPal/Paxos; tokens are burned and USD is returned 1:1.

There is no algorithm, no over-collateralisation, no funding-rate trade — just a regulated trust holding cash and Treasuries against tokens that move on a public blockchain. This is the same architecture used by USDC, PYUSD, GUSD, USDP and USDG.

Launch timeline

• August 7, 2023 — PYUSD goes live on Ethereum (launch event). PayPal becomes the first major US fintech to issue a stablecoin under its own brand.
• August 2023 — Initial market cap ~$45M; first DeFi listings on Curve and Aave.
• March 2024 — PYUSD listed on Coinbase and Kraken.
• May 29, 2024 — PYUSD launches on Solana (Solana launch event). PayPal cites Solana's sub-cent transaction fees and DeFi composability.
• June 2024 — Xoom integration: PayPal's remittance product accepts PYUSD as a funding currency for transfers to Mexico, Philippines, India and other corridors.
• September 2024 — Solana PYUSD supply crosses $1B; PYUSD becomes the second-largest stablecoin on Solana behind USDC.
• October 2024 — Stripe agrees to acquire Bridge.xyz for ~$1.1B (closed February 2025), bringing stablecoin orchestration — including PYUSD support — into the Stripe stack.
• April 23, 2025 — PayPal announces the PYUSD rewards programme (~3.7% at launch, live to US PayPal/Venmo users in summer 2025; advertised at ~4% variable by 2026).
• June-July 2025 — PYUSD expands natively to Arbitrum (July 17, 2025) and announces its Stellar deployment (live later in 2025).
• July 18, 2025 — President Trump signs the GENIUS Act; Paxos publicly states intent to be among the first PPSIs licensed.
• Late 2025 — PYUSD0, the LayerZero-based omnichain version of PYUSD, extends the token to Tron, Avalanche, Sei, Aptos, Ink, Abstract and other chains, fully fungible with native PYUSD.
• February 27, 2026 — MoonPay, M0 and PayPal announce PYUSDx: an infrastructure platform for application-specific stablecoins backed by PYUSD (first adopter: USD.ai).
• March 2026 — PYUSD supply peaks near $4.2B, an all-time high; it settles back to roughly $2.8B by mid-July 2026, still among the largest regulated stablecoins.

Issuer: Paxos and Charles Cascarilla

Paxos Trust Company was founded in 2012 by Charles Cascarilla and Rich Teo. Cascarilla, a former Bank of America Merrill Lynch analyst and Bridgewater partner, designed Paxos as a regulated post-trade infrastructure business. The company received its NY DFS limited-purpose trust charter in 2015, becoming one of the first crypto-native firms with a banking-grade regulator.

Paxos's stablecoin business now spans:

• PYUSD — for PayPal.
• GUSD (Gemini Dollar) — for Gemini.
• USDP (Pax Dollar) — Paxos's own retail token.
• USDG — for the Global Dollar Network consortium (along with Robinhood, Galaxy, Anchorage and others).
• The wound-down BUSD (Binance USD), discontinued February 2023 after NY DFS instructed Paxos to stop issuance.

This concentration of stablecoin issuance through Paxos is itself a market-structure factor: many regulators, treasurers and ratings analysts treat "Paxos-issued" as a single counterparty regardless of brand.

Cascarilla remains CEO and is one of the most respected operators in the regulated-crypto space, regularly testifying before US Congress and the BIS on stablecoin policy.

PayPal leadership: Alex Chriss and Jose Fernandez da Ponte

Two PayPal executives directly own PYUSD's strategy.

• Alex Chriss — CEO of PayPal Holdings since September 2023, hired from Intuit (where he ran the small-business division and shipped QuickBooks Live). Chriss arrived just weeks after PYUSD launch and made stablecoins one of his "Big Bets" pillar in the 2024-2026 corporate strategy.
• Jose Fernandez da Ponte — the chief architect of PYUSD as PayPal's SVP of Blockchain, Crypto and Digital Currencies. Da Ponte joined PayPal in 2020 from BBVA, where he ran open banking, and led PYUSD from launch through its multichain expansion. In July 2025 he left PayPal to become president and chief growth officer of the Stellar Development Foundation — one of PYUSD's host chains.

Da Ponte's stated thesis: stablecoins are the natural next step from PayPal's 1998 founding mission of moving money over the internet. Where USDC owns the regulated-treasury market and USDT owns the global-trading market, PayPal believes PYUSD can own the regulated consumer payments market by virtue of its installed base.

Regulation: NY DFS, GENIUS Act and MiCA

PYUSD's regulatory profile is among the strongest of any stablecoin.

NY DFS

Paxos operates under a NY DFS limited-purpose trust charter ("Paxos Trust Company"), the same regulatory regime that governs banks but tailored for digital-asset custody and stablecoin issuance. NY DFS issued formal stablecoin guidance in June 2022 requiring:

• 1:1 backing in cash, T-bills (≤90 days), MMFs (≤90 days WAM) and overnight repos.
• Segregated reserves at insured banks; bankruptcy-remote from issuer.
• Monthly reserve attestation by an independent CPA firm.
• Clear redemption rights, including timely processing.
• AML/KYC compliance under the Bank Secrecy Act.

PYUSD complies with all of these. In the GENIUS Act era Paxos has also moved up the regulatory stack: 2026 PYUSDx materials describe PYUSD as issued by Paxos Trust Company, N.A., a federally regulated national trust entity supervised by the OCC.

GENIUS Act

The federal GENIUS Act — signed by President Trump on July 18, 2025 — creates the first US federal stablecoin licence. PYUSD is universally expected to be among the first Permitted Payment Stablecoin Issuers (PPSIs) licensed when the federal regime takes effect 18 months after enactment (or 120 days after final OCC/Fed rules). Charles Cascarilla testified before the Senate Banking Committee in 2024 in support of the bill.

MiCA

PYUSD does not currently hold a MiCA EMT authorisation. PayPal Europe operates under a separate Luxembourg banking licence and is reportedly evaluating either a euro-denominated PayPal stablecoin or a partnership with an existing MiCA-authorised issuer (such as Circle for EURC integration). EEA retail users can hold PYUSD via on-chain transfer but cannot trade it on most EU regulated exchanges, and PayPal Europe products do not currently support PYUSD as a settlement currency.

Reserves and audits

Per Paxos's monthly attestations (PYUSD outstanding peaked near $4.2B in March 2026; roughly $2.8B by mid-July 2026):

• Backing: 1:1 — reserves equal PYUSD outstanding at each attestation date
• Reserve composition: overwhelmingly short-dated US Treasuries, reverse repos and cash deposits at insured banks (see the latest Paxos attestation for the exact breakdown)
• Attestation auditor: WithumSmith+Brown PC

Reserves are bankruptcy-remote: in the event of a Paxos failure, PYUSD holders have a direct claim on the segregated assets, which sit outside Paxos's general estate. This is materially stronger than USDT's arrangement, where reserves sit on Tether's balance sheet.

The composition is broadly comparable to the Circle Reserve Fund's portfolio backing USDC — short-dated Treasuries, overnight repos and bank cash — under the NY DFS June 2022 stablecoin guidance limits.

Multi-chain footprint: Ethereum + Solana + others

The Solana launch on May 29, 2024 was particularly consequential. PYUSD on Solana costs fractions of a cent to send and settles in seconds — well-suited for both consumer payments and high-frequency DeFi. Within six months, PYUSD on Solana surpassed all other stablecoins on the chain except USDC by lending TVL on Kamino and Solend.

Cross-chain bridging uses LayerZero for some routes; Paxos has begun rolling out PYUSDx for white-label issuance (described below).

PYUSD in DeFi: Aave, Compound, Curve, Kamino, Drift, Solend

DeFi composability was a core part of PYUSD's design. By April 2026 PYUSD is one of the most-listed stablecoins in DeFi:

• Aave — PYUSD listed as a borrowable asset on Aave V3 Ethereum since 2024; PYUSD also on Aave V3 Arbitrum and Avalanche.
• Compound — PYUSD market on Compound III, with $250M+ supply.
• Curve — Multiple PYUSD pools (PYUSD/USDC, PYUSD/USDT, PYUSD/DAI, PYUSD/crvUSD), one of the largest stablecoin pool clusters on Curve.
• Kamino (Solana) — one of the largest PYUSD lending markets anywhere; PYUSD deposits peaked above $500M during the 2024 incentive wave.
• Solend — Active PYUSD lending market.
• Drift — PYUSD as collateral for Solana perpetuals trading.
• Aerodrome / Velodrome — PYUSD/USDC pools on Base and Optimism.

The DeFi presence creates a yield ecosystem even though PayPal/Paxos cannot pay interest directly to PYUSD holders: depositors lend their PYUSD into these protocols and receive variable APY (typically 3-8% on Solana, 2-6% on Ethereum, depending on borrowing demand).

Yield options for PYUSD holders

There are three main paths to yield on PYUSD, ranked by safety:

1. PayPal's in-app rewards programme (~3.7% APY) — Available to US PayPal users holding PYUSD inside the PayPal wallet. Structured as a marketing rewards programme rather than interest on the token, to comply with NY DFS and GENIUS Act rules. Rate is set by PayPal and can change.
2. Centralised exchange savings products — Coinbase, Kraken and Crypto.com offer staking-style products on PYUSD ranging 2-5% APY. These are typically structured as off-balance-sheet rewards.
3. DeFi lending protocols — Aave, Compound, Kamino, Solend, Curve. Higher APY (typically 3-8%) but exposes the user to smart-contract risk.

For US users, the in-app PayPal rewards rate is usually the easiest. For DeFi-native users, Solana lending markets typically offer the best risk-adjusted yield.

Distribution: Venmo, Xoom, merchants, Cash App

This is PYUSD's structural moat.

• PayPal app — 400M+ users globally; PYUSD natively supported in the wallet for buy, sell, hold, send.
• Venmo — 60M+ active US users; PYUSD support added 2024; in-app PYUSD purchases and PYUSD-backed P2P payments.
• Xoom — PayPal's remittance product; PYUSD as a funding source for transfers to Mexico, Philippines, India, Colombia, Vietnam and 100+ destinations.
• PayPal merchants — 35M+ merchants worldwide; PYUSD checkout option being rolled out 2025-2026.
• Cash App — Persistent rumours (April 2026) that Block's Cash App will integrate PYUSD as a stablecoin option; not yet confirmed.
• Stripe — Stripe's October 2024 acquisition of Bridge.xyz ($1.1B) added PYUSD as a settlement option for Stripe merchants.

No other stablecoin (with the partial exception of USDC via Coinbase) has this kind of native consumer/SMB distribution.

PYUSD vs USDC, USDT, USDP, GUSD, RLUSD, USDG

Note that PYUSD, USDP, GUSD and USDG are all issued by Paxos. This means a single regulator (NY DFS) and a single operating company stand behind a meaningful share of regulated-stablecoin supply outside USDC.

For a deeper comparison of just USDC and USDT, see our dedicated USDC vs USDT 2026 comparison page.

PYUSDx — branded stablecoin issuance

On February 27, 2026, MoonPay, the M0 protocol and PayPal announced PYUSDx — an infrastructure platform (operated by MoonPay Digital Assets, not Paxos) that lets brands issue application-specific stablecoins backed by PYUSD. The first announced adopter is USD.ai.

How it works:

1. A brand (a fintech, an exchange, a B2B marketplace, a payroll provider) signs a PYUSDx licence with Paxos.
2. The brand's stablecoin is minted/burned through the PYUSDx infrastructure, fully backed by the same Paxos reserves that back PYUSD.
3. Each branded stablecoin is interchangeable 1:1 with PYUSD itself (and through PYUSD, with USD).
4. The brand handles distribution, marketing, and front-end UX.

PYUSDx is positioned as PayPal's answer to the M0 / USDM model and the Stripe/Bridge "stablecoin-as-a-service" stack. The strategic logic: rather than compete with every fintech that wants its own dollar token, PayPal/Paxos provides the underlying rails and earns a share of reserve interest.

Stripe and PYUSD partnership

Stripe's October 2024 acquisition of Bridge.xyz for $1.1B transformed Stripe into one of the largest stablecoin orchestration platforms in fintech. As part of the post-acquisition integration, Stripe (via Bridge) supports PYUSD as a settlement option alongside USDC and USDT.

Stripe merchants can:

• Accept PYUSD payments from any wallet on Ethereum, Solana, Arbitrum, Stellar or Tron.
• Auto-convert PYUSD to fiat at the time of receipt.
• Pay out to vendors in PYUSD via Bridge's pay-out rails.
• Use PYUSD for cross-border settlement to 100+ countries.

The partnership is one of the most concrete distribution wins for PYUSD outside PayPal's own ecosystem and a large part of why analysts expect PYUSD's growth trajectory to accelerate over 2026-2027.

Adoption metrics

As of mid-2026:

• Market cap: roughly $2.8B (July 2026), down from the ~$4.2B all-time high of March 2026
• Momentum: PYUSD was the top gainer among the 15 largest stablecoins in early July 2026 (+4.25% week-over-week) even as the broader stablecoin market contracted
• Chain mix: majority on Ethereum, with Solana the second-largest deployment and small footprints across Arbitrum, Stellar and the PYUSD0 chains
• Top DeFi venues: Kamino on Solana (PYUSD deposits peaked above $500M in 2024), Aave, Curve and Compound on Ethereum
• Top exchange listing depth: Coinbase PYUSD/USDC pair
• PayPal in-app rewards rate: ~3.7% at 2025 launch, advertised around 4% (variable) in 2026
• PYUSDx (announced Feb 27, 2026): first adopter USD.ai; MoonPay and M0 operate the platform

Future roadmap

Based on public statements from Da Ponte and Cascarilla over 2025-2026, the PYUSD roadmap targets:

• Cross-border B2B payments — PayPal Cross-Border with PYUSD as the settlement leg, replacing SWIFT for SMB invoicing in selected corridors.
• Programmable payments — smart-contract escrow, milestone-based releases, payroll, supplier financing — all settled in PYUSD.
• Embedded finance via PYUSDx — branded stablecoins for major fintechs and marketplaces.
• Cash App integration — rumoured 2026 launch; not yet confirmed by either company.
• Apple/Google wallet integration — PYUSD as a tokenised dollar option in mobile wallets.
• Federal PPSI licence — expected 2026-2027 once the GENIUS Act rules are finalised.
• Regulatory expansion — Singapore (MAS) and UAE (ADGM/VARA) authorisations under exploration.
• Yield products — additional rewards programmes structured to comply with GENIUS Act non-interest rules.

Risks and criticism

PYUSD has the strongest regulatory profile of any stablecoin, but it is not risk-free.

• Distribution risk — PYUSD's growth depends on PayPal pushing it as the default. PayPal's overall user growth has been flat for several years; if Chriss's turnaround stalls, PYUSD's distribution moat erodes.
• Concentrated reserves — 95% in Treasuries is conservative on credit but exposes PYUSD to interest-rate volatility in a duration-shock scenario (mitigated by ≤45 day WAM).
• Issuer concentration — Paxos is the single point of failure for PYUSD, USDP, GUSD and USDG. A regulatory action against Paxos (as happened with BUSD in Feb 2023) would simultaneously affect all of them.
• Yield friction — under the GENIUS Act, payment stablecoin issuers cannot pay interest. PayPal works around this with a rewards programme, but the structure is not as direct as a yield-bearing token.
• MiCA gap — no EU authorisation; PayPal Europe is constrained.
• Network competition — USDC has ~26x more supply, deeper exchange integration and an established CCTP cross-chain story. Catching up on liquidity is hard.

How to buy and use PYUSD

1. Buy via PayPal app — the simplest route. Open PayPal, tap Crypto, select PYUSD, fund from a US bank account or PayPal balance. Available to most US users.
2. Buy via Venmo — same flow, simplified for younger demographics.
3. Buy via Coinbase, Kraken or Crypto.com — list PYUSD against USD, USDT or USDC. Useful if you already have an exchange account.
4. Send to self-custody — PYUSD lives on Ethereum, Solana, Arbitrum, Stellar, Tron and Avalanche. Send to your wallet of choice (MetaMask for ETH, Phantom for Solana, etc.).
5. Use in DeFi — deposit into Aave, Compound, Curve, Kamino, Solend for lending yield.
6. Spend via Xoom — fund a remittance to 100+ countries with PYUSD.
7. Use at PayPal merchants — selected merchants accept PYUSD checkout.
8. Bridge cross-chain — use LayerZero routes or Stargate to move PYUSD between chains.

Comparison table

Research and reports

• BIS working paper 905 on stablecoin runs — frames the regulatory rationale for PPSI-style frameworks.
• FSB high-level recommendations on global stablecoins — the policy framework underlying both MiCA and the GENIUS Act.
• Federal Reserve research on stablecoin runs — modelled the USDC SVB depeg.
• IMF Stablecoin Fintech Note 2024 — emerging-markets adoption.
• Galaxy Digital Stablecoin Report 2024 — supply growth and use-case mix.
• Visa Stablecoin Settlement Report — tracking ~$30T annualised on-chain stablecoin transfer volume.
• Circle's State of the USDC Economy 2025 — useful comparator for PYUSD growth path.
• a16z's State of Crypto 2025 — stablecoins as crypto's killer app.
• Bailey (2021) — early Bank of England framework on systemic risk.

FAQ

What is PayPal PYUSD?

PYUSD is a US-dollar stablecoin issued by Paxos Trust Company under a NY DFS charter on behalf of PayPal. It launched on Ethereum on August 7, 2023, expanded to Solana on May 29, 2024, and is backed 1:1 by US Treasury bills and cash.

Is PYUSD safe and regulated?

Yes. Paxos is a NY DFS-chartered limited-purpose trust subject to banking-grade supervision. Reserves are bankruptcy-remote and segregated. PYUSD is expected to be among the first PPSIs licensed under the GENIUS Act.

What chains does PYUSD run on?

Ethereum (Aug 2023), Solana (May 2024), Arbitrum (Jul 2025) and Stellar (2025) natively, plus Tron, Avalanche, Sei, Aptos and other chains via the LayerZero-based PYUSD0 (late 2025). Ethereum holds the majority of supply, with Solana the second-largest deployment.

Can I earn yield on PYUSD?

Not directly from the issuer. You can deposit PYUSD into Aave, Compound, Curve, Kamino or Solend for 3-8% lending APY. PayPal also offers rewards to in-app US holders (~3.7% at the 2025 launch, around 4% variable in 2026).

How does PYUSD compare to USDC?

Both are regulated, fully backed payment stablecoins. USDC is much larger (~$73B vs ~$2.8B in mid-2026). PYUSD's edge is consumer distribution: 400M+ PayPal users, 60M+ Venmo and 35M+ merchants.

Is PYUSD MiCA compliant in the EU?

No. PYUSD does not hold a MiCA EMT authorisation as of April 2026. EEA users can self-custody PYUSD but cannot trade it on most EU regulated venues.

What is PYUSDx?

PYUSDx is an infrastructure platform announced February 27, 2026 by MoonPay, M0 and PayPal, operated by MoonPay Digital Assets. Brands issue application-specific stablecoins backed by PYUSD; the first announced adopter is USD.ai.

Who runs PYUSD inside PayPal?

Alex Chriss is CEO of PayPal since September 2023. Jose Fernandez da Ponte built PYUSD as SVP of Blockchain, Crypto and Digital Currencies before leaving PayPal in July 2025 to become president and chief growth officer of the Stellar Development Foundation.

How is PYUSD used in cross-border payments?

PYUSD integrates with PayPal's Xoom remittance product, Stripe merchant settlement and emerging-markets neobanks. Da Ponte's vision is "programmable payments": invoices, payroll and supplier payments settled in PYUSD.

Will PYUSD overtake USDT?

Unlikely in the medium term. USDT's $186B float is hard to replicate. PYUSD's realistic 2027-2028 base case is $10-25B, dominant in regulated retail and SME segments rather than competing in trading or EM remittances.

Glossary

• Bankruptcy-remote — reserves held in a structure where, if the issuer fails, holders have a direct claim outside the issuer's general estate.
• GENIUS Act — first US federal stablecoin law (signed July 18, 2025).
• Limited-purpose trust — NY DFS charter type that lets Paxos custody fiat and digital assets without being a full bank.
• MiCA EMT — EU's E-Money Token authorisation under Markets in Crypto-Assets Regulation.
• NY DFS — New York Department of Financial Services, primary US state regulator for stablecoins.
• Paxos — Issuer of PYUSD, USDP, GUSD and USDG.
• PPSI (Permitted Payment Stablecoin Issuer) — federal licence category created by the GENIUS Act.
• PYUSDx — Paxos's branded-stablecoin issuance framework (February 2026).
• Repo (overnight repurchase agreement) — short-term collateralised loan; common stablecoin reserve asset.
• Rewards programme — PayPal's structure for paying yield-equivalent returns without violating non-interest rules.
• Stablecoin-as-a-service — embedded-finance model where a regulated issuer provides the rails for branded stablecoins.
• Xoom — PayPal's remittance product.

Related reading (internal links)

• Stablecoins explained — full 2026 guide
• USDC vs USDT 2026 comparison
• Stablecoin market 2026 analysis
• What is DeFi — 2026 guide
• GENIUS Act explained
• MiCA regulation explained
• Real-world asset tokenisation 2026
• CBDC vs stablecoin

Sources and further reading

• PayPal newsroom — PYUSD launch — https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin
• PayPal newsroom — Solana launch — https://newsroom.paypal-corp.com/2024-05-29-PayPal-Stablecoin-Now-Available-on-Solana-Blockchain
• Paxos PYUSD page — https://www.paxos.com/pyusd
• NY DFS Stablecoin Guidance 2022 — https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins
• White House GENIUS Act fact sheet — https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-signs-genius-act-into-law/
• DefiLlama PYUSD page — https://defillama.com/stablecoin/pyusd
• Kamino Finance — https://kamino.finance/
• Stripe newsroom — https://stripe.com/newsroom
• EU MiCA Regulation — https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114
• Federal Reserve research on stablecoin runs — https://www.federalreserve.gov/econres/notes/feds-notes/stablecoin-runs-and-the-centralization-of-arbitrage-20230922.html
• BIS stablecoin papers — https://www.bis.org/publ/bppdf/bispap138.htm
• PayPal newsroom — Buy. Hold. Earn Rewards. (PYUSD rewards, April 23, 2025) — newsroom.paypal-corp.com
• PayPal newsroom — PYUSD expands to Arbitrum (July 17, 2025) — newsroom.paypal-corp.com
• The Block — PYUSD expands to Tron, Avalanche, Sei and other chains via LayerZero (PYUSD0) — theblock.co
• PR Newswire — MoonPay, M0 and PayPal announce PYUSDx (Feb 27, 2026) — prnewswire.com
• CoinDesk — PayPal blockchain lead Jose Fernandez da Ponte joins Stellar (July 2025) — coindesk.com
• DefiLlama — PYUSD supply chart — defillama.com

About the author

DeFi Intel Research is an independent research desk covering stablecoins, market microstructure and on-chain market data. Our analysts have published in BIS conference papers and IMF working papers and contribute to major-media op-eds on stablecoin regulation. We do not accept paid placements from issuers; entity links resolve to neutral knowledge-graph pages.

Last updated: 2026-07-15