Deployments · Paxos tokenisation platform · platform by Paxos

PayPal USD (PYUSD)Updated 7 Nov 2026

PayPal's dollar stablecoin, issued by Paxos Trust Company under New York DFS supervision and backed by dollar deposits, short-term Treasuries and cash equivalents. It launched on Ethereum in August 2023 for PayPal's US customers, who can send it person to person, use it at checkout and move it to external wallets. It was extended to Solana in 2024 and Arbitrum in 2025, and about $2.9 billion was outstanding in October 2026.

Live (scaled) since 7 Aug 2023^[2]i · Reviewed 13d ago i

Assets

Stablecoin^[2]

US dollar stablecoin backed by dollar deposits, short-term Treasuries and cash equivalents

Networks

Ethereum Public, permissionless^[6]

Solana Public, permissionless^[6]

Arbitrum Public, permissionless^[6]

Flow Public, permissionless^[6]

Polygon Public, permissionless^[6]

Sei Public, permissionless^[6]

X Layer Public, permissionless^[1]

Stable Public, permissioned^[1]

Use cases i

Primary issuance^[6]Merchant payments^[2]Domestic payments^[2]Cross-border payments^[2]

Jurisdictions

United States, New York

Participants

• PaxosPlatform provider, Issuer^[2]United States
• PayPalOperator, Distributor^[2]United States
• KPMGAuditor or reserve attestor^[9]United States
• WithumAuditor or reserve attestor^[9]United States
• CoinbaseDistributor^[10]United States
• LayerZero LabsTechnology provider^[8]British Virgin Islands

Operates under

• OCC national trust bank charters for digital asset firms (December 2025 cohort)United States · Licence or charter^[7]

Likely relevant regulation i

• US federal banking agencies' framework for bank crypto-asset, stablecoin and tokenisation activitiesUnited States
• GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act)United States
• New York virtual currency regime (BitLicense, 23 NYCRR Part 200, and limited purpose trust charters)New York

Assets

• IssuesPayPal USD (PYUSD)^[2]

Moves across networks

• viaLayerZeroFlow ↔ Sei^[8]PYUSD0, minted and burned through LayerZero's OFT standard via Stargate Hydra and fungible with native PYUSD, on Sei (new) and Flow (upgraded from USDF); also Abstract, Aptos, Avalanche, Ink, Stable and Tron, which this record does not list. The hub chain is not named.

Metrics i

• ~$2.89bnTokens in circulation · as of 11 Oct 2026^[6]
  On-chain via DefiLlama; sum of its per-chain balances.
• ~$1.74bnTokens in circulation · as of 11 Oct 2026 · on Ethereum^[6]
  On-chain via DefiLlama.
• ~$711.15mTokens in circulation · as of 11 Oct 2026 · on Solana^[6]
  On-chain via DefiLlama.
• ~$359.69mTokens in circulation · as of 11 Oct 2026 · on Arbitrum^[6]
  On-chain via DefiLlama.
• ~$69.35mTokens in circulation · as of 11 Oct 2026 · on Flow^[6]
  On-chain via DefiLlama.
• ~$2.76bnSupply on chain (daily) · as of 7 Nov 2026^[11]
  Automated daily reading of on-chain supply across all chains.
• ~$35.31mSupply on chain (daily) · as of 7 Nov 2026 · on Flow^[11]
  Automated daily reading.
• ~$2.02mSupply on chain (daily) · as of 7 Nov 2026 · on X Layer^[11]
  Automated daily reading.
• ~$1.81bnSupply on chain (daily) · as of 7 Nov 2026 · on Ethereum^[11]
  Automated daily reading.
• ~$2.08mSupply on chain (daily) · as of 7 Nov 2026 · on Sei^[11]
  Automated daily reading.
• ~$10.41mSupply on chain (daily) · as of 7 Nov 2026 · on Polygon^[11]
  Automated daily reading.
• ~$732.12mSupply on chain (daily) · as of 7 Nov 2026 · on Solana^[11]
  Automated daily reading.
• ~$160.72mSupply on chain (daily) · as of 7 Nov 2026 · on Arbitrum^[11]
  Automated daily reading.

Timeline

1. Happened 12 Dec 2025 · Regulatory approval · recorded 11 Oct 2026
   The OCC conditionally approves Paxos Trust Company's conversion to a national trust bank.^[5]
2. Happened 17 Jul 2025 · Scope expansion · recorded 11 Oct 2026
   PYUSD launches on Arbitrum, its first layer-2 network.^[3]
3. Happened May 2024 (month only) · Scope expansion · recorded 11 Oct 2026
   PYUSD is extended to Solana.^[4]
4. Happened 7 Aug 2023 · Launch · recorded 11 Oct 2026
   PayPal launches PYUSD on Ethereum for eligible US customers, issued by Paxos.^[2]

Sources i