PayPal USD (PYUSD)
Summary
PayPal USD (PYUSD) is a US dollar-pegged stablecoin issued by Paxos Trust Company, a New York-chartered limited purpose trust company regulated by the NYDFS, and marketed by PayPal. Reserves are attested monthly by an independent accounting firm and are held in cash and short-term US Treasuries, with redemption rights subject to Paxos and PayPal compliance review. PYUSD carries the same centralization risks common to bank-issued stablecoins (issuer freeze and address-wipe functions) and its issuer, Paxos, has a prior NYDFS enforcement history tied to its Binance-branded BUSD stablecoin, though PYUSD itself has not been the subject of a depeg event, and a 2023 SEC subpoena into PYUSD was closed in February 2025 without enforcement action.
Connected Entities
1 entities · 10 linked investigations- + 1 more
Timeline(11 events)
2023-02-13
NYDFS orders Paxos to stop minting Binance USD (BUSD), citing compliance and oversight failures related to Paxos's relationship with Binance.
CoinDesk2023-08-07
PayPal launches PayPal USD (PYUSD), issued by Paxos Trust Company and regulated by NYDFS.
PR Newswire / PayPal2023-11-01
PayPal discloses receipt of an SEC Division of Enforcement subpoena requesting documents related to PYUSD.
CoinDesk / TechCrunch2025-02-01
SEC informs PayPal it is closing its inquiry into the 2023 PYUSD subpoena without enforcement action.
The Block2025-07-18
GENIUS Act signed into law, establishing the first comprehensive federal regulatory framework for US dollar-pegged payment stablecoins.
Congress.gov / Paul Hastings2025-08-07
NYDFS announces a settlement in which Paxos agrees to pay roughly $26.5 million in penalties over compliance and AML failures tied to Binance's BUSD.
CoinDesk2025-12-01
PYUSD integrates with YouTube creator payouts, reportedly contributing to a sharp rise in circulating supply.
Stablecoin Insider2026-01-01
PYUSD adds a Visa Direct and BVNK remittance integration, further expanding distribution.
Stablecoin InsiderDecision Log
- #1publish⛓ pending7/22/2026, 3:55:48 AMhash: 417mB2DEytsLmPqZZA3y2UDU7QXPow3gfq3VUe2VB15F
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 7/22/2026, 3:55:36 AM
last updated: 7/22/2026, 3:55:48 AM
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