The brief

Analyst view

• 23,800 employees globally; PYUSD launched 2023, peaked at $4.2B in March 2026.
• PYUSD contracted to $2.89B by Q2 2026 due to incentive tapering and capital rotation.
• Introduced 4% rewards program and PYUSDx branded-stablecoin framework in 2026.

Technical approach

As reported

Backing

Paxos-issued stablecoin

PYUSD is issued by Paxos Trust Company under NYDFS oversight, backed 1:1 by USD cash and equivalents.

Multi-chain

17 blockchains

Available on Ethereum, Solana, Base, Optimism and 13 others, enabling transfers to any wallet.

PYUSDx

Branded-stablecoin framework

Apps create branded stablecoins backed 1:1 by PYUSD, letting fintechs issue dollars without reserves.