PayPal USD (PYUSD) is a stablecoin designed to maintain a 1:1 value with the U.S. dollar. Fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, each PYUSD token is intended to be redeemable for one U.S. dollar. The issuance and custody of PayPal USD are managed by Paxos Trust Company, a regulated financial institution. PYUSD aims to enhance the role of stablecoins in digital payments by offering broad access to the financial system and enabling fast, efficient money transfers within and beyond PayPal’s platform.

PayPal USD functions as a stablecoin by backing each token with U.S. dollar deposits and equivalent cash assets to maintain its peg to the U.S. dollar. Users can buy, hold, and transfer PYUSD through the PayPal app or website. PYUSD can be sent to friends in the U.S. without fees or transferred to external wallets that accept the token. It can also be used for purchases at checkout where PayPal is accepted or converted into other cryptocurrencies supported by PayPal. This multi-use approach makes PYUSD a versatile option for digital payments and crypto transactions.

PayPal USD offers several use cases within both traditional and blockchain-based financial systems. It aims to serve as a bridge between the conventional economy and Web3, enabling developers to integrate PYUSD into decentralized applications (dApps), wallets, and exchanges. PYUSD supports peer-to-peer payments, allowing for fast, fee-free transfers between PayPal users in the U.S. It can be used for everyday purchases at merchants that accept PayPal, and it facilitates seamless conversion between cryptocurrencies within the PayPal ecosystem. These use cases highlight PYUSD’s role in expanding the utility of stablecoins in digital finance.

PayPal USD was launched on August 7, 2023, as part of PayPal’s initiative to expand its role in the digital currency space. Fully backed by U.S. dollar reserves, short-term Treasuries, and cash equivalents, PYUSD was created to harness the potential of stablecoins in everyday payments. Its issuance and custody are handled by Paxos Trust Company, a regulated entity known for managing other stablecoins. Since its release, PYUSD has been available to eligible U.S. PayPal users, enabling transfers to compatible external wallets, peer-to-peer payments, crypto conversions, and purchases within the PayPal network.

We update our PayPal USD to CAD currency in real-time. Get the live price of PayPal USD on Coinbase.

The current market cap of PayPal USD is CA$5.499B. A high market cap implies that the asset is highly valued by the market.

The all-time high of PayPal USD is CA$1.39. This all-time high is highest price paid for PayPal USD since it was launched.

Over the last 24 hours, the trading volume of PayPal USD is CA$46.788M.

Assets that have a similar market cap to PayPal USD include Litecoin, Avalanche, Zcash, and many others. To see a full list, see our comparable market cap assets.

The current circulating supply of PayPal USD is 3.9 billion.

PayPal USD ranks 273 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

Currently, 82% of Coinbase users are buying PayPal USD. In other words, 82% of Coinbase customers have increased their net position in PayPal USD over the past 24 hours through trading.