Ticker: PYUSD
Network: Ethereum (ERC-20)
Category: Stablecoin
Address: 0x6C3Ea9036406852006290770bEdFcAbA0e23A0e8 (View on Etherscan)
About PayPal USD (PYUSD)
PayPal USD (PYUSD) is a stablecoin pegged to the U.S. dollar issued by Paxos Trust Company, and fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. Designed for seamless integration into the digital economy, PYUSD offers stability, transparency, and reliability. Each PYUSD token is redeemable 1:1 for U.S. dollars, making it a trusted tool for payments, remittances, and bridging traditional finance with blockchain technology.
Built as an ERC-20 token on the Ethereum blockchain, PYUSD ensures compatibility with a wide range of wallets, decentralized applications (dApps), and exchanges. As PayPal’s official stablecoin, PYUSD represents a major step forward in combining the convenience of blockchain payments with the familiarity of PayPal’s trusted infrastructure.
PYUSD is set to transform digital payments by enabling low-cost, instant transactions while maintaining the high transparency and compliance standards set by its issuer, Paxos Trust Company.
Key Points of PayPal USD (PYUSD)
- Stable and Reliable
PYUSD is fully backed by U.S. dollar reserves, providing users with the assurance of 1:1 redemption for U.S. dollars. Its design prioritizes transparency with monthly reserve attestations by independent third parties.
- ERC-20 Compatibility
As an ERC-20 token, PYUSD integrates effortlessly into the Ethereum ecosystem. It supports Ethereum-based wallets, dApps, and DeFi platforms, ensuring flexibility for users looking to explore blockchain-based payment solutions.
- Seamless Payment Integration
PYUSD connects traditional finance with blockchain technology, enabling instant and cost-effective cross-border payments. With the backing of PayPal, PYUSD offers a trusted solution for users familiar with PayPal’s platform, simplifying global transfers and commerce.
FAQ
- What is PayPal USD (PYUSD) used for?
PYUSD is designed for stable digital transactions, including cross-border payments, remittances, and integration with decentralized finance (DeFi) platforms. Its stability makes it an ideal choice for blockchain-based commerce and payments.
- Is PYUSD listed on other blockchains besides Ethereum?
No, Bitso lists PYUSD as an ERC-20 token on the Ethereum network. While the token may expand to other blockchains in the future, such as Solana, Ethereum currently offers the broad compatibility and reliability needed for a successful launch.
- Why is PYUSD important for payments?
PYUSD combines the stability of a U.S. dollar-backed stablecoin with the efficiency of blockchain technology, allowing for instant, low-cost global payments. It is especially beneficial for remittances, enabling migrants and freelancers to send money across borders with minimal fees.
- How can I buy PayPal USD (PYUSD) on Bitso?
Purchasing PYUSD on Bitso is simple:- Log in to your Bitso account and navigate to the "Buy/Sell" section.
- Select the fiat currency (e.g., MXN) or stablecoin (e.g., USDT, USDC) you’d like to use to purchase PYUSD.
- Enter the amount and confirm your transaction.
- What are the benefits of using PYUSD on Bitso?
Bitso offers a seamless way to access PYUSD for global payments and remittances. By leveraging Ethereum’s blockchain, users can enjoy secure, fast, and low-cost transactions while benefiting from Bitso’s user-friendly interface.
Disclaimer
This Help Center article is for informational purposes only and does not constitute financial advice. PYUSD is a stablecoin, whose value is tied to the U.S. dollar. While designed to maintain price stability, users should remain aware of blockchain transaction fees and potential risks associated with digital assets. Bitso encourages responsible use and recommends conducting your own research (DYOR) before engaging in any transactions.