PYUSD, the stablecoin issued by PayPal, has been in use for 38 days. A transparency report regarding the coin’s reserves has been released by the token’s issuer, Paxos. The PYUSD stablecoin is backed by cash reserves and reverse repurchase agreements with the U.S. Treasury, just like many other leading stablecoins of the present.
PayPal (NASDAQ:PYPL) USD (PYUSD), the U.S. dollar-denominated stablecoin issued by Paxos Trust and powered by PayPal, has been officially added to BitPay's list of supported cryptocurrencies, expanding the payment options for the platform's merchants and consumers. The…
— Romantic Carriage (@Heptaceous1495) September 14, 2023
Paxos Issues Transparency Report on Paypal’s Stablecoin
A transparency report about PYUSD’s reserves has been made available by Paxos, the stablecoin’s issuer and a partner of PayPal. The update states that U.S. Treasury notes and cash reserves fully collateralize PYUSD.
— Bitcoin News (@BitcoinNewsCom) September 14, 2023
PYUSD has a notional value of roughly $44.50 million as of August 31, 2023, and is supported by $45.36 million. According to the update, Paxos’ repurchase agreements are distinguished by “overnight maturity with reputable financial institutions and over-collateralization with U.S. Treasuries.”
According to the report, out of the total, $43.86 million is secured by Treasury notes and $1.5 million by cash reserves. According to Paxos’ transparency report, “All trades are overcollateralized, so the risk of loss is not deemed to be material.
Paxos also advertises partnerships with State Street Bank, Customers Bank, and BMO Harris Bank. According to the corporation, “Paxos maintains balances in excess of FDIC insurance limits to support overnight and weekend liquidity.”
On September 14, 2023, at 9:00 a.m. (ET), there will be about 44,376,440.45 PYUSD in existence. PYUSD is held by about 611 addresses, and since its August inception, 2,758 transfers have been made using it. The top 100 holders had 99.97% of the PYUSD in circulation as of September 14, 2023.
On September 14, 2023, Prime Minister Justin Trudeau, in London, Ontario, at 9:00 AM EDT, will attend the National Caucus Retreat. At 4:30 PM EDT, he will deliver closing remarks at the National Caucus Retreat.
— Ⓥ #TeamTrudeau she/her 🍁🇨🇦 (@DrakeDBEST) September 14, 2023
Out of more than 10,000 crypto assets, PYUSD is now ranked 411th in terms of market capitalization. The 24-hour global trade volume for the recently released cryptocurrency was roughly $1.27 million.
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