Paxos Reveals PayPal Stable Coin PYUSD Is Backed By Treasury And Cash Reserves
Portfolio Pulse from Khyathi Dalal
Paxos, the issuer of PayPal's stablecoin PYUSD, has revealed that the coin is backed by cash reserves and U.S. Treasury reverse repurchase agreements. As of August 31, $45.36 million is backed in Treasury securities, with $1.5 million in cash reserves. The PYUSD has been operational for 38 days and ranks 411th out of more than 10,000 crypto assets based on market cap. Separately, Paxos refunded $510,750 in fees paid over a $2,000 Bitcoin transaction due to a system bug.
September 15, 2023 | 1:35 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
PayPal's stablecoin PYUSD, issued by Paxos, is backed by cash reserves and U.S. Treasury reverse repurchase agreements. This could increase investor confidence in the coin and potentially impact PayPal's stock positively.
The backing of PYUSD by cash reserves and U.S. Treasury reverse repurchase agreements provides a level of security and stability to the coin. This could increase investor confidence in the coin and, by extension, in PayPal. Additionally, the quick response by Paxos to refund fees due to a system bug demonstrates a commitment to customer service, which could also positively impact investor sentiment towards PayPal.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100