Paxos Releases Transparency Report Showing PYUSD Stablecoin Fully Backed by $44 Million in Assets

Paxos published its first transparency report for PayPal's PYUSD stablecoin, stating it is fully backed by assets.
As of August 31, total PYUSD tokens outstanding was $44.4 million, with assets meeting or exceeding that amount.
Nearly 97% of PYUSD assets are held in U.S. Treasury reverse repurchase agreements in custody by Paxos.
The remaining assets are held as fiat currency deposits at FDIC-insured banks.
The report comes weeks after the launch of PYUSD in early August, with adoption growing among exchanges.

cointelegraph.com

Relevant topic timeline:

8/8/2023

PayPal introduces its own stablecoin that's pegged to the US dollar

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8/21/2023

PayPal’s new PYUSD stablecoin faces legal headwinds and ‘less functionality’

PayPal has launched its own stablecoin called PayPal USD (PYUSD) in the United States, aiming to eliminate price volatility in digital currencies and facilitate confident payments, despite unclear regulatory guidelines for digital assets in the country. PayPal's large user base and market share in online payment processing could significantly impact stablecoin adoption. However, there are potential advantages and disadvantages associated with PYUSD, including its potential to onboard mainstream users to the digital economy and the lack of regulatory clarity in the US.

8/25/2023

PayPal Stablecoin PYUSD Receives Major Boost as Coinbase Announces Listing

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9/13/2023

Paxos Confirms $500K Bitcoin Overpayment Was Internal Error, Not PayPal's

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9/16/2023

Paxos Paid $500K in Fees to Move $2K in Bitcoin; Gemini Earn Users May Recover Funds

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9/18/2023

PayPal's New Stablecoin Sees Slow Adoption Amid Crypto Bear Market

PayPal's stablecoin, PYUSD, has struggled to gain traction in the market, with a market capitalization of only $43.4 million compared to stablecoin leaders USD Coin and Tether, which have market capitalizations of $83 billion and $26 billion respectively, and trading volumes for PYUSD remain low.

9/20/2023

Venmo Rolls Out PayPal's New PYUSD Stablecoin, Lets Users Buy 5 Cryptos With No Fees

PayPal's stablecoin, PayPal USD (PYUSD), is now available for purchase on Venmo, allowing users to buy the cryptocurrency and marking the first instance of wallet interoperability with no costs between PayPal and Venmo.

9/28/2023

Crypto.com Becomes Top Platform for Trading PayPal's New Stablecoin PYUSD

PayPal's stablecoin, backed by the US dollar, has become available on the Crypto.com exchange, which now holds the deepest liquidity for trading pairs with the PayPal USD (PYUSD) stablecoin globally.

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Posted 9/13/2023, 10:08:53 AM