PayPal USD (PYUSD) is a US dollar stablecoin issued by Paxos Trust Company and launched by PayPal in August 2023. Each PYUSD is backed one to one by US dollar deposits, short term US Treasuries and similar cash equivalents, and Paxos is regulated by the New York State Department of Financial Services. PYUSD is designed for payments and transfers, letting people send dollars on a blockchain quickly and at low cost, and it works with PayPal and Venmo. It is available on Ethereum and Solana, among other networks. Like other stablecoins, it aims to hold a steady value of one dollar.