Paxos Affirms PYUSD Stability with New Transparency Report
Paxos, the issuer of the PayPal PYUSD stablecoin, has recently published an unaudited transparency report that emphasizes the full backing of PYUSD....
- Paxos, the issuer of the PayPal PYUSD stablecoin, has published an unaudited transparency report emphasizing the full backing of PYUSD.
- The report reveals that over 90% of PYUSD is held in Paxos wallet, with approximately 7% scattered across various exchanges.
- As of August 31, 2023, the number of outstanding PYUSD tokens amounted to $44.4 million, with a notional position value of about $44.5 million.
- PYUSD is majorly backed by U.S. Treasury reverse repurchase agreements, with 97% of the stablecoin backed by these agreements.
- Paxos reassures that the repurchase agreements are overnight maturity, overcollateralized with U.S. Treasuries, and the prospect of loss is virtually negligible.
- Aside from the reverse repurchase agreements, Paxos holds about $1.5 million in fiat, which is not covered by FDIC or private insurance.
- Bitpay is among the biggest adopters of PYUSD, and other exchanges holding PYUSD include Kraken, Gate.io, and Crypto.com.
- The release of the transparency report has been praised within the crypto community for bolstering trust and stability in PYUSD.
- However, the adoption of PYUSD is slower than expected as Paxos has yet to release about 36.9 million PYUSD tokens.
The sentiment of the article is generally positive, highlighting the stability and reliability of the PYUSD stablecoin and praising the release of the transparency report for bolstering trust and stability in PYUSD.