What is PYUSD

1. Project Introduction
PayPal USD (PYUSD) is a US dollar-backed stablecoin introduced by global payments giant PayPal. It is fully backed by US dollar deposits, short-term US Treasury bills, and similar cash equivalents, allowing 1:1 redemption for USD. Issued by Paxos Trust Company and regulated by the New York Department of Financial Services, PYUSD first launched on Ethereum in August 2023 and later expanded to the Solana blockchain in May 2024.
Summary: PayPal USD is the first stablecoin issued by a major financial company, leveraging PayPal's extensive experience in payments and Solana's high-performance blockchain to drive the adoption of digital tokens in payments. As of now, the total issuance stands at 908,164,708 PYUSD with a market cap of $908,244,504, ranking 6th among all USD-backed stablecoins.
2. Team & Investment Info
Alex Chriss: President & CEO of PayPal, previously served as a board member at Houzz, EVP & GM of the Small Business and Self-Employed Group at Intuit, and held senior positions at Backupify, Kronos Advanced Technology, and Youthstream Media Networks.
Funding: PYUSD itself does not have external funding.
3. Social Media URLs
X: https://x.com/PayPal
4. Token Info
Token Symbol: PYUSD
Total Supply: 908,164,708
Token Type: ERC-20
Issuance/Burn Mechanism: PYUSD has a minting and redemption mechanism.
Contract Address: https://etherscan.io/token/0x6c3ea9036406852006290770bedfcaba0e23a0e8
Token Distribution:
100%
5. Related Links
Official Website: https://www.paypal.com/pyusd