PayPal USD

PayPal USD was launched August 07 2023 by PayPal Holdings, Inc., in partnership with Paxos.

PayPal USD is issued as an ERC-20 token on Ethereum, allowing compatibility with decentralized applications (dApps), wallets, and exchanges. Paxos Trust Company issues and redeems PayPal USD, ensuring each token is backed 1:1 by reserves. Monthly attestations are published by independent accounting firms to verify the backing. Users can transfer PayPal USD between PayPal accounts, supported external wallets, or use it to make purchases and convert between cryptocurrencies within the PayPal app.

PayPal USD is designed for stability, compliance, and broad utility across both Web2 and Web3 environments. Use cases include:

• Payments: Enable instant, low-cost, borderless payments denominated in U.S. dollars using blockchain technology.
• Utility: Use PayPal USD across decentralized finance protocols for trading, lending, yield farming, or liquidity provision.
• Remittances: A stablecoin alternative to traditional remittance rails, providing fast and affordable global transfers.
• E-commerce: Allow crypto-native users to make purchases with a dollar-pegged token that integrates with online merchants and platforms.
• Interoperability: Seamlessly bridge between fiat and crypto ecosystems by converting PayPal USD to other digital assets or using it as a base asset.
• Transparency & Compliance: Backed by regularly attested reserves and managed under regulatory oversight, ensuring user trust and financial integrity.