01 /
Brief
PayPal's stablecoin issued by Paxos. ~$3.9B circulating across 70 markets. Fully backed by US dollar deposits and short-term treasuries.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- US
- Analytics
- defillama.com/stablecoin/pax-dollar
03 /
Milestones
How this player got here.
- Mar 2026PayPal expanded PYUSD to 70+ global markets
- Jun 2025Mastercard integrated PYUSD across stablecoin network with Paxos, Fiserv, PayPal
- Jun 2024Expanded to Solana
- Aug 2023PayPal USD launched
04 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
