What is PYUSD and where can I use it?

PYUSD is a dollar stablecoin issued by Paxos N.A., a national trust bank, under the PayPal brand. The July 2026 report lists it live on seven networks: Ethereum, Solana, Arbitrum, Stellar, Polygon, and two newer chains. Where a given service accepts it is a fact about the service, and services change.

PYUSD: Issued by Paxos, Branded PayPal, Examined by KPMG

Verified facts, as of the dates shown
Fact	Value	As of	Source
Tokens outstanding (Jul 31)	2,689,335,674	2026-07-31	S-B2-12
Reserve assets (Jul 31)	$2,694,072,163	2026-07-31	S-B2-12
Report dates	Jul 21 and Jul 31, 2026, 5 PM ET	2026-07-31	S-B2-12
Cash	$94,699,538	2026-07-31	S-B2-12
Repurchase agreements	$2,200,625,000	2026-07-31	S-B2-12
US Treasuries	$398,747,625	2026-07-31	S-B2-12
Chains (report footnotes)	Ethereum, Solana, Arbitrum, Stellar, Polygon, Ink, X Layer	2026-07-31	S-B2-12
Auditor of record	KPMG LLP, report dated Aug 25 2026	2026-08-25	S-B2-12
Captive insurance	$50M, Paxos Insurance Company Ltd	2026-07-31	S-B2-12

Who issues it, who brands it

Two names ride this token. The split is the first fact. PYUSD is issued by Paxos N.A. A national trust bank, operating under OCC charter 25379. PayPal owns the brand. Register reads dated 11 September 2026 hold both legs. The Paxos charter. PayPal’s own money-transmitter and virtual-currency licenses. The issuer of record is the bank. Not the payments company ^[1].

That split answers a question people bring to the token. The report obligations belong to Paxos N.A. The reserve custody belongs to it. The redemption mechanics belong to it. The brand on the wallet surface belongs to PayPal. Each fact on this page says which name it attaches to.

The July 2026 report

The latest report of record carries two report dates. 21 and 31 July 2026 ^[2]. On 21 July the report read 2,763,855,418 tokens. Against them, $2,766,159,691 of assets. On 31 July it read 2,689,335,674. Against those, $2,694,072,163 ^[2]. Both pairs are stated. Both dates are stated. The shrink inside one month is itself the lesson. These figures move.

KPMG LLP signed the report, dated 25 August 2026 ^[2]. The June report before it carries the same signer. The firm before KPMG was Withum. The transition is dated at both ends in the research record. Auditor facts here are facts about dated reports. Never standing biographies.

The June continuity

The June 2026 report was read as a PDF alongside July’s. It carries the same dual-date structure. On 17 June it read 2,735,941,155 tokens. Against them, $2,741,276,752. On 30 June it read 2,686,586,963. Against those, $2,693,757,338 ^[2]. June’s month-end and July’s month-end figures sit within one percent of each other. Two consecutive reports. One structure. Four dated pairs. That is what a monthly program looks like from the outside. It is also why single-figure quotations of a stablecoin’s size mislead by construction.

The insurance disclosure

The report carries a disclosure worth reading in full. Of the cash line, $94,446,965 sits in accounts the report describes as uninsured. Payable, though, on terms of parity with Federal Deposit Insurance Corporation coverage for depositors. Separately, a captive insurance entity carries $50 million. Paxos Insurance Company Ltd ^[2]. A captive insurer is a company the issuer group owns. The report names it as such. Insurance disclosures are facts about report dates and entity structures. This page reports them without characterizing them.

What the reserves are

The July exhibit breaks the assets into lines. Repurchase agreements held $2,200,625,000. US Treasuries held $398,747,625. Cash held $94,699,538 ^[2]. The three lines sum to the reported total.

The phrasing rule that rides every reserve discussion applies. Reserve assets at or above tokens outstanding is what the report supports. It never means one hundred percent bank cash. Composition is published category by category. The categories above are the content. A provider tracker read $2.759 billion the week the research closed. A different as-of. Labeled and left standing ^[3].

Seven chains, with addresses in the report

The report’s own footnotes carry the chain distribution for 31 July. Ethereum held 1,790,065,386 tokens. Solana held 675,295,029. Arbitrum held 205,920,633. Polygon held 10,152,379. Stellar held 7,902,125. Two newer chains, Ink and X Layer, held 22 and 100 tokens respectively ^[2]. A chain with double-digit tokens is a deployment, not a market.

The footnotes also print each chain’s contract address. The report-stated form is the address of record on this site. That is the address discipline the library follows everywhere.

The framework the report names

The July report states its own basis. It was prepared under the AICPA 2025 stablecoin criteria. It cites the GENIUS Act’s reserve provision ^[2]. The report’s background notes record the OCC conversion of the issuing bank. A report naming its criteria can be read against them. That is exactly how the attestations page teaches it.

This matters for a reader tracking the regulation pages. A statute’s reserve requirement is one kind of rule. An examination framework’s criteria are another. The report cites both. Each by its own name. When the regulation pages cover the statute in question, this report is the working example. A document prepared against it, dated months after its passage.

A page that went away

One caution from the research record. A PayPal help page described the token’s backing in plain words. It was unpublished when the research re-checked it. No archive copy exists on either major archive service. The banked quote from it stays labeled needs-reverification. It appears nowhere on this page. The report’s own exhibit is the primary. It is in evidence.

Where this page sits

The stablecoins hub frames the pillar. The attestations page holds the tier taxonomy this token’s examinations sit in. USDT and USDC carry the two majors. The USD1 page carries the other OCC-chartered issuer in this corpus, on the same documents-first method.