PayPal USDPYUSD

PayPal's US-dollar stablecoin, issued by Paxos and backed by dollar deposits and short-term US Treasuries.

Rank #36Since August 2023

Price on 31 Oct 2026

C$1.40 -0.5% since 31 Jul 2026 · 6.1% below its all-time high

The short version

PayPal USD launched on 7 Aug 2023, issued for PayPal by Paxos Trust Company and backed by US dollar deposits, short-term US Treasuries and cash equivalents, with monthly KPMG attestations. PayPal pays a variable reward, 4% a year on 2 Nov 2026, on PYUSD held in PayPal accounts, and extended access to 70 markets on 25 Sep 2026. The SEC closed a 2023 inquiry into PYUSD in Feb 2025 without action. On 31 Oct 2026 one PYUSD cost C$1.40. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.5% in Canadian dollars, and it was 6.1% below its all-time high of C$1.49 set on 2 Feb 2025.^[1]

Facts checked 2 Nov 2026 · 13 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.43 (12 Oct 2026) · low C$1.35 (29 Jan 2026) · -0.6%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.40	US$1.00
30 Sep 2026	C$1.42	US$0.9998
31 Aug 2026	C$1.39	US$0.9999
31 Jul 2026	C$1.40	US$1.00
30 Jun 2026	C$1.42	US$0.9996
31 May 2026	C$1.38	US$0.9994
30 Apr 2026	C$1.36	US$0.9996
31 Mar 2026	C$1.39	US$0.9995
28 Feb 2026	C$1.36	US$0.9997
31 Jan 2026	C$1.36	US$0.9993
31 Dec 2025	C$1.37	US$1.00
30 Nov 2025	C$1.40	US$0.9996

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.40^[1]
3-month change: -0.5% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 6.1% below its high of C$1.49 (2 Feb 2025)^[1]
Market rank: #36, market value about C$4.0B^[1]
Kind: Stablecoin · Ethereum (ERC-20); also issued on Solana, Arbitrum, Polygon, Stellar and others
Started: August 2023

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?YesPaxos mints PYUSD against dollar deposits and burns on redemption through a supply-control role^{[2, 3]}

Can anyone freeze or take coins from holders?YesPaxos's asset-protection role can freeze addresses and wipe frozen balances; a pause role exists^[3]

Can the token's contract code be changed?YesUpgradeable proxy contract on Ethereum^[4]

Is the supply capped?NoNo maximum; supply follows deposits and redemptions^[5]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations^[2]

Does a team or foundation hold over 10% of supply?NoNo team or investor allocation; coins are issued only against deposits^[2]

Do network fees reach coin holders?YesPayPal pays a variable 4% yearly reward on PYUSD held in PayPal accounts, monthly in PYUSD^[6]

Main network hacked or halted in the past 2 years?NoNo exploit of the PYUSD contracts found^[7]

Is a regulator or court case targeting the coin itself?NoThe SEC closed its Nov 2023 subpoena inquiry in Feb 2025 without enforcement action; no live case found^[8]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Issuer: Paxos Trust Company, N.A. (New York), for PayPal Holdings (Nasdaq: PYPL); OCC approved Paxos's national trust conversion in Dec 2025^{[2, 6, 9]}
Admin powers: Paxos roles can mint, freeze, wipe frozen balances and pause; upgradeable proxy^{[3, 4]}
Past inquiry: SEC subpoena of Nov 2023 closed in Feb 2025 without enforcement action^[8]

Supply

In circulation: 2.77B PYUSD^[1]
Maximum supply: None set^[1]
Outstanding: US$2.78B on 2 Nov 2026, down from US$2.85B a month earlier; Ethereum US$1.77B, Solana US$0.71B, Arbitrum US$0.22B^[5]
Reserves: US dollar deposits, short-term US Treasuries and similar cash equivalents; redeemable 1:1^{[2, 6]}
Attestation: Monthly by KPMG LLP (reports since 28 Feb 2025); latest for Sep 2026^[10]

Use and fees

Holder rewards: PayPal pays a variable 4% a year (2 Nov 2026) on PYUSD held in PayPal accounts, paid monthly in PYUSD^[6]
Reach: Available to PayPal users in 70 markets since 25 Sep 2026; PYUSDx, a yield-bearing version, launched 9 Sep 2026^[11]
Chains: Issued natively on Polygon from 9 Jul 2026, after Stellar and Arbitrum^[11]

Trading

Daily trading: About C$121.3M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 2.84% of its market value changes hands each day^[1]
20-week average: 0.1% above its 20-week average price^[1]
1-year change: -0.0% in C$^[1]^[12]

History

Not a forecast

Coins ranked 11-50 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 1,080 cases, 157 coins

46% were higher a year later^[13]

Typical result: Median -6% after a year; 61% higher after two years
Lost half or more: 25% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

No red flags found

PayPal extended PYUSD access to users in 70 markets on 25 Sep 2026, with the 4% reward for eligible holders.^{[11, 6]}
PayPal's reward rate is variable and can change at any time under its terms.^[6]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.