Fiat / issuer reservesRank #7
PYUSDPayPal USD
Paxos Trust Company (for PayPal)
- Market cap
- $3.5B
- Circulating supply
- 3.5B
- Networks
- 4
EIP/ERC standards & compliance
Full PYUSD profile: ERC-20, permit, proxy patterns, cross-chain, flash loans, and compliance EIPs — with implementation notes and verified contract context.
Overview
Consumer-focused stablecoin with deep PayPal and Venmo distribution. Issued by Paxos (NYDFS-regulated). PayPal's current terms list PYUSD support on Ethereum, Solana, Arbitrum, and Stellar. The Solana deployment uses Token Extensions (Token-2022) for programmable token controls.
Supply by chain
Market cap
$3.5B
Circulating supply
3.5B
Supply chains
17
| Chain | Supply | Market cap | Share |
|---|---|---|---|
| Ethereum | 2.4B | $2.4B | 70.8% |
| Solana | 710.5M | $710M | 20.6% |
| Arbitrum | 277.4M | $277M | 8.0% |
| Polygon | 10.1M | $10M | 0.29% |
| Flow | 8.7M | $9M | 0.25% |
| Sei | 2.8M | $3M | 0.08% |
| Berachain | 379.0K | $379K | 0.01% |
| Plume Mainnet | 2.1K | $2K | 0.00% |
| Cardano | 199 | $199 | 0.00% |
| Avalanche | 52 | $52 | 0.00% |
| Tron | 23 | $23 | 0.00% |
| Ink | 9 | $9 | 0.00% |
| Other tracked chains (5) | 5 | $5 | 0.00% |
| Current circulating supply by chain from DeFiLlama. Small supply footprints are grouped after the top 12 chains and may include bridged or non-curated deployments. | |||
Features
Engineering-oriented breakdown of capabilities: standards, who they matter for, integration rationale, per-feature risks, and vetted external references (specs, docs, verified source).
Primary Ethereum verified source: Etherscan
| Feature | Standards | Audience | Why it matters | Risk / caveat | References |
|---|---|---|---|---|---|
Solana Token-2022 extensions authorization |
| Both | Solana program features differ from EVM — wallets and programs must explicitly support Token-2022. | Not all Solana tooling supports extensions; silent failures possible. | |
Confidential transfers compliance | — | Corporate | Privacy feature when enabled changes indexing and compliance visibility — monitor Paxos rollout. | Compliance tooling may not see amounts; regulatory uncertainty for travel rule. | |
Transfer hooks compliance |
| Corporate | Per-transfer program invocation enables allowlists and policy hooks — Solana integrators must account for compute and failure modes. | Hook failure can block transfers; program upgrade risk. | |
Memo field transfers authorization | — | User | Attach structured metadata to transfers — useful for settlement references and reconciliation. | Memo abuse or PII in memos can create compliance issues for indexers. | |
Permanent delegate — Paxos compliance | — | Corporate | Delegate authority for regulatory freeze/seize on Solana — disclose to end users in custody products. | Similar to centralized freeze on EVM Paxos tokens. | |
PayPal/Venmo unified balance compliance | — | User | Custodial UX layer — on-chain balance may not reflect app balance; integrations should not assume 1:1 with PayPal ledger. | Off-chain ledger and on-chain wraps can diverge during incidents. | |
~4% APY on PYUSD (custodial) yield | — | User | Custodial yield product — not on-chain DeFi yield; terms set by PayPal, not smart contracts. Rate is variable and advertised on PayPal's consumer PYUSD page. | Yield can change at PayPal's discretion; not FDIC insured; counterparty to PayPal/Paxos stack. |
EIP / ERC support matrix
Standards & compliance support for PYUSD. Click an EIP to jump to the global deep-dive section.
| Standard | Status | Notes |
|---|---|---|
| Core | ||
| ERC-20 Fungible token standard | Implemented | Broadly USDC-class integration surface with extra batch and legacy approval helpers. |
| Signatures & typed data | ||
| EIP-712 Typed structured data signing | Implemented | Wallets and relayers can reconstruct signing payloads without hardcoding mismatched hashes. |
| EIP-2612 Permit — gasless ERC-20 approval | Implemented | Same integration playbook as USDC permit for most DeFi routers. |
| EIP-3009 transferWithAuthorization | Implemented | Enables single-call sponsored payments comparable to USDC EIP-3009 integrations. |
| EIP-1271 Signature validation for smart contracts | Not implemented | May lag USDS-style institutional smart-wallet ergonomics unless middleware wraps PYUSD. |
| Upgradeability & proxies | ||
| EIP-1967 Standard proxy storage slots | Partial | Tools that ONLY check EIP-1967 standard slots may fail to detect PYUSD as a proxy. Etherscan still recognises it, but custom monitoring tools should check both ZeppelinOS and EIP-1967 slot conventions. The lack of a ProxyAdmin means the admin EOA/multisig interacts with the proxy directly. |
| EIP-1822 UUPS — universal upgradeable proxy | Not implemented | Standard transparent proxy considerations apply. No risk of UUPS-specific upgrade bricking on the token contract. |
| Vaults & yield | ||
| ERC-4626 Tokenized yield vault standard | Not implemented | On-chain ERC-4626 integrations apply to other protocols, not base PYUSD. |
| Compliance | ||
| Freeze Address freezing / blacklisting | Implemented | Always check isFrozen() before building payout pipelines. The dedicated assetProtectionRole provides role separation — Paxos compliance team operates independently from supply management. |
| Seize Fund seizure / clawback | Implemented | Supply tracking must account for wipeFrozenAddress events. totalSupply() decreases when frozen funds are wiped. Paxos operates under NYDFS regulation, so seizure follows established legal processes. |
| Pause Global transfer pause | Implemented | Same risk considerations as USDC pause. All PYUSD-dependent DeFi operations would halt during a pause. |
| Cross-chain | ||
| ERC-7802 Crosschain token interface | Not implemented | Treat each supported PYUSD network deployment as its own canonical token integration surface unless the issuer documents a specific cross-chain transfer mechanism. |
| Flash Loans | ||
| ERC-3156 Flash loans | Not implemented | Use external flash loan providers for single-transaction PYUSD borrowing. |
| Data sourced from verified Etherscan contract source code. Implementations may differ across networks — always verify on the specific chain you integrate with. | ||
Technical notes
- 6 decimals.
- Paxos extensions beyond standard EIPs: AuthorizationAlreadyUsed, InvalidNonceCount, PermitInvalidated events — extra safety rails around EIP-2612/3009.
- cancelPermits() admin-style nonce invalidation.
- Solana Token-2022 extensions: ConfidentialTransfers (ZK proofs, initialized but not active), TransferHooks (programmable per-transfer logic), RequiredMemoOnTransfer (compliance), PermanentDelegate (Paxos), TransferFeeConfig (0% currently).
- IMPORTANT: confidential transfers CANNOT be combined with transfer fees or transfer hooks simultaneously.
- Auditor upgraded from Withum to KPMG LLP (Big Four, Feb 2025).
Reserves & peg
- Reserves
- USD deposits, US Treasuries, cash equivalents
- Collateral
- Fiat (off-chain)
- Peg mechanism
- Hard 1:1 via Paxos redemption
- Auditor
- KPMG LLP (monthly attestation)
Ecosystem
- DeFi integration
- Kamino, Marginfi (Solana); Aave (Ethereum); emerging
- Yield
- ~4% APY via PayPal (custodial; rate variable)
Risk factors
lowLow liquidity vs USDT/USDClowPaxos regulatory dependencylowLimited DeFi depth
Technical references
Official docs
PayPal USD
www.paypal.com/us/digital-wallet/pyusd
Compliance & legal
Issuer compliance docs
www.paypal.com/us/digital-wallet/pyusd
Verified contract · Ethereum
PayPal USD — Paxos FiatToken derivative (Ethereum)
0x6c3e…A0e8
Block explorers
Networks & contracts
Deployments by chain — primary rows are highlighted. Always verify addresses against issuer docs before mainnet integrations.
| Network | Standard | Contract | Explorer |
|---|---|---|---|
EthereumPrimary | ERC-20 | 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8Paxos FiatToken v1 | View |
SolanaPrimary | Token-2022 | 2b1kV6DkPAnxd5ixfnxCpjxmKwqjjaYmCZfHsFu24GXoToken-2022 deployment with Paxos-controlled extensions | View |
ArbitrumSecondary | ERC-20 | 0x46850aD61C2B7d64d08c9C754F45254596696984Mainnet address published in Paxos developer docs | View |
StellarSecondary | Stellar asset | PYUSD:GDQE7IXJ4HUHV6RQHIUPRJSEZE4DRS5WY577O2FY6YQ5LVWZ7JZTU2V5Asset code and issuer published in Paxos docs | View |
Engineering deep dive
Integration notes
On Solana, PYUSD uses Token-2022 extensions, so wallet and program support varies. Paxos currently publishes canonical PYUSD deployments for Ethereum, Solana, and Arbitrum, and PayPal terms also list Stellar support, so treat chain-specific addresses and capabilities as part of integration setup rather than assuming one universal token surface.
Product surface
PayPal/Venmo custody and promotional yield are off-chain—on-chain integrations should still assume standard issuer controls.