PayPal USD (PYUSD) Exchange
PYUSD is a fiat-backed stablecoin issued by PayPal and Paxos Trust Company, pegged 1:1 to the US dollar and backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents — the first stablecoin issued by a major US payments company.
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What Is PayPal USD (PYUSD)?
What Is PYUSD?
PYUSD is a fiat-backed stablecoin issued by PayPal in partnership with Paxos Trust Company, pegged 1:1 to the US dollar. It launched in August 2023 on Ethereum as the first stablecoin issued by a major US payments company. In May 2024, PYUSD expanded to Solana, giving it significantly faster settlement and lower transaction fees. PayPal customers can acquire PYUSD directly in the PayPal app and spend it through PayPal's payment network, creating a fiat on-ramp and merchant acceptance channel.
PYUSD Supply and Reserve Model
PYUSD uses a fully reserved model managed by Paxos Trust Company under a New York Department of Financial Services (NYDFS) trust charter — the same regulatory framework that governs Paxos-issued USDP.
Reserve assets — US dollar deposits, short-term US Treasuries, and similar cash equivalents
Issuer — Paxos Trust Company under New York DFS regulation
Attestations — monthly reserve attestations published by independent accountants
Chains — ERC-20 on Ethereum; SPL token on Solana; native issuance also on Arbitrum and Stellar as of August 2026, according to Allium; PYUSD0 extends it to other networks via LayerZero
Supply model — elastic; minted when PayPal customers fund their accounts with PYUSD, burned when they cash out
Circulating supply — exceeded $1 billion in April 2024 after Solana launch; growth driven by PayPal/Venmo in-app integration
Freeze capability — as an ERC-20 token, PYUSD includes freeze and wipe functions controllable by Paxos, consistent with NYDFS regulatory requirements for law enforcement compliance
PayPal integration — available to verified PayPal and Venmo users in the United States; used for checkout, peer-to-peer payments, and fund transfers within the PayPal ecosystem
What Determines PYUSD's Demand
PYUSD's unique demand driver is PayPal's existing payment infrastructure. With 439 million PayPal active accounts in Q2 2026, according to PayPal's earnings release, PYUSD has a built-in fiat-to-crypto gateway and point-of-sale acceptance network. However, many PayPal users who hold PYUSD via the app do not withdraw it to self-custody wallets — which limits on-chain circulating supply relative to total PayPal-custodied holdings. On-chain, PYUSD competes with USDC and USDT for DeFi liquidity and integration. Solana deployment added access to Solana Pay merchants and lower-cost settlement for high-frequency transactions. Regulatory posture is a strength: NYDFS charter oversight and regular attestations place PYUSD in a high-compliance category relative to less-regulated stablecoins.
How to Exchange PYUSD on Swapzone
How to Choose a PYUSD Exchange Partner
PayPal USD (PYUSD) Analysis
Frequently Asked Questions About PayPal USD (PYUSD)
PYUSD is a fiat-backed stablecoin issued by PayPal in partnership with Paxos Trust Company. It launched in August 2023 on Ethereum and expanded to Solana in May 2024. It is regulated by the New York Department of Financial Services (NYDFS) under Paxos's trust charter — the same regulatory framework that governs other Paxos-issued stablecoins.
PYUSD's primary differentiator is PayPal's payments infrastructure. PayPal reported 439 million active accounts in Q2 2026, according to its earnings release. PYUSD can be spent at these merchants through PayPal checkout and used for peer-to-peer payments via Venmo. This gives PYUSD a direct consumer-to-merchant payment use case that USDC and USDT do not offer in the same form.
Yes. PYUSD launched on Solana in May 2024 as a Solana Program Library (SPL) token. Solana transactions confirm in under a second with fees under $0.001, making Solana PYUSD well-suited for high-frequency payments and micropayments. The Solana expansion also gave PYUSD access to Solana Pay merchant integrations.
PYUSD is backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents held by Paxos Trust Company. Monthly reserve attestations by independent accountants verify that the total backing equals or exceeds the circulating supply. Reserves are held under NYDFS regulatory oversight, which requires maintaining adequate capital and liquidity.
Yes. PYUSD's smart contract includes freeze and wipe functions that allow Paxos to freeze tokens at specific addresses or wipe token balances in compliance with law enforcement orders. This is consistent with NYDFS regulatory requirements for licensed money transmitters operating in New York. The same freeze capability exists in USDC and was used by Circle in the Tornado Cash sanction case in August 2022.
Yes. Verified PayPal users in the United States can transfer PYUSD from their PayPal account to an external Ethereum or Solana wallet address. This gives users the option to move PYUSD to DeFi protocols or hold it in self-custody. However, many PayPal users holding PYUSD keep it within the PayPal app rather than withdrawing it on-chain.
PYUSD circulating supply exceeded $1 billion in April 2024, shortly after the Solana launch in May 2024 expanded liquidity and access. The Solana deployment opened PYUSD to Solana-native DeFi protocols and Solana Pay merchant integrations, broadening the on-chain use cases beyond Ethereum.
PayPal processes payments for merchants worldwide. PayPal customers with PYUSD in their accounts can use it at these merchants through standard PayPal checkout — the merchant receives whatever currency they accept, while the buyer uses PYUSD from their PayPal balance. This creates a practical spending use case for a stablecoin that does not require the merchant to set up a crypto wallet.
PYUSD is available to PayPal users in the United States and, according to PayPal, in a growing number of other markets. International PayPal customers may be able to receive PYUSD from on-chain transactions, but availability of in-app PYUSD funding and spending features varies by country and changes over time. Check PayPal's current regional availability before expecting in-app PYUSD access from outside the US.
PayPal contracted Paxos Trust Company to issue and manage PYUSD's reserves. Paxos is the technical issuer under its NYDFS trust charter. PayPal is the commercial partner — it provides the user-facing product, merchant integration, and brand. If PayPal were to discontinue PYUSD, Paxos's regulatory obligations would still require that existing token holders can redeem their PYUSD for US dollars at par.
Go to swapzone.io/exchange/paypal-usd, enter the PYUSD amount you want to send or receive, and compare live offers from exchange partners. Each offer shows the rate, estimated completion time, and KYC frequency label. Select the offer, enter your destination wallet address, and send PYUSD to the deposit address provided. No registration is required on Swapzone.
PayPal USD (PYUSD) is a US dollar-pegged stablecoin issued by Paxos Trust Company under the PayPal brand, launched on Ethereum in August 2023 and expanded to Solana in May 2024. Each PYUSD is backed 1:1 by US dollar deposits, US Treasury bills, and cash equivalents, with monthly attestation reports published by Withum. PYUSD is regulated under the New York Department of Financial Services framework. Circulating supply was approximately 3.0 billion PYUSD as of October 2026, according to CoinGecko. PYUSD exists as both an ERC-20 token on Ethereum and a SPL token on Solana.
PYUSD is a separate on-chain token distinct from a PayPal account balance. They are connected in that PayPal users in supported regions can move between PYUSD and their PayPal USD balance within the PayPal app. Converting PYUSD to bank-payable dollars through PayPal requires a PayPal account and is subject to PayPal's own terms and availability. Swapzone compares crypto-to-crypto swap offers and does not connect to PayPal accounts. On Swapzone, you can swap PYUSD for other cryptocurrencies such as BTC, ETH, or USDT without a PayPal account.
PYUSD is issued by Paxos Trust Company, a New York-regulated trust company that also issues USDP (Pax Dollar) and was the original issuer of BUSD before Binance's regulatory issues. Paxos holds reserves in segregated accounts, publishes monthly attestation reports, and operates under NYDFS oversight. These are the same safeguards that apply to Paxos's other dollar tokens. All stablecoins carry reserve and regulatory risk, and PYUSD should not be treated as equivalent to a bank deposit. For swapping on Swapzone, PYUSD behaves as a standard dollar-equivalent token.
PYUSD on Ethereum (ERC-20) requires ETH for gas fees and is the default version on most exchanges. PYUSD on Solana (SPL token) requires SOL for fees and offers faster, cheaper transfers. Confirm which network the exchange partner's offer specifies before sending. The two versions are not interchangeable in a direct transfer: sending Ethereum PYUSD to a Solana deposit address results in a failed deposit. Swapzone shows the network version for each offer in the comparison screen.
PayPal USD (PYUSD) is a blockchain-based stablecoin, not a PayPal account balance or payment feature. Regular PayPal allows you to send money to other PayPal users and pay merchants through PayPal's centralized system. PYUSD is an on-chain token that exists on Ethereum and Solana, can be sent to any compatible wallet address globally without a PayPal account, and trades on crypto exchanges and DEXs. The connection is that PayPal users in eligible regions can buy, sell, and hold PYUSD directly through the PayPal app.
Why Exchange PYUSD on Swapzone
24/7 customer support via live chat if a swap runs into any issue
Non-custodial aggregator — PYUSD goes directly to your wallet, never through Swapzone
Live PYUSD offers from exchange partners side by side.
Exchange PYUSD against 1,600+ cryptocurrencies
PayPal USD Reviews on Trustpilot
Best customer support and very fast exchanges
Well i accidentally made a wrong transaction and i hit CS for a review and they replied in less than 3min and i had no account on their site or anything but they looked at my details and refunded me... great CS i loved the exchange too with all the best rates you can find easily...
zenny review
absolutely goated it took me only 3 minutes to exchange like this is better than exodus exchanging
Excellent service
I had initial trouble with the platform because I had never used it before, but Russel the customer service rep went above and beyond to help me get my transaction done. Wonderful platform, great customer service. 10/10
Great site
Great site. Very quick transfers
Fast and a good price too.
Fast and a good price too.
nice & swift
nice & swift
The site experience was great. But choose your exchange platform wisely.
The site experience was great, as on previous occasions. I made a mistake, however, by choosing a different exchange provider, EasyBit, and the result was much worse than I was given to expect. Changelly was the best before and I will choose that option in future.
Fast swap
Fast swap. No issues 5 star.
Superb USDT to BTC swap
Superb USDT to BTC swap, went through EasyBit. Best rate on market.
BEST REALLY FAST
BEST REALLY FAST
A very nice and useful crypto swap
A very nice and useful crypto swap site. It is very well done and stays helpful on how to proceed to swap cryptos around.
perfect
perfect, fast no issues 100%
Wayne helped me throughout the way
Wayne helped me throughout the way, even tho it was just a misunderstanding and it just took longer than usual. he didnt mind, thank you for this,.
i was accompanied by the team
i was accompanied by the team throughout the swapping process and i must say that they were very efficient. thanks
Comfort dex
Use DEX for swap from solana to bnb. Pretty fast, good rate. Thanks
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great customer service made a mistake on my side but they managed to fix it and swap my crypto
I recommend using swapzone I exchange...
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Unstaking ONT without having ONG
My problem was to unstake ONT in my wallet which I administrate with the Exodus software without having ONG for gas fee. The swapping function in Exodus is no longer available and they will suspend the support of Ontology soon. By means of the fantastic swapzone-node I was able now to swap TRX into ONG and receive the ONG directly at my adress of ONT-asset. So I was able to start the unstaking procedure. And one more advantage: The swapping of TRX to ONG and sending it to the ONG-adress was quite simple for beginners like me: I'm used to krypto ledger, but this was my first experience with swapping-nodes.
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not so long ago I was looking for a service that allows you to exchange cryptocurrency quickly and effortlessly. today, when I once again decided to exchange usdt to eth - I wrote the wrong wallet, namely the wallet from the last exchange (incorrectly indicated the amount), to which the usdt should have been sent. after contacting support, I was almost immediately refunded, which I am very happy about! I recommend using this service! 100/100
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i successfully exchanged currencies. it took just a couple of minutes
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I'm new to cryptocurrency, and I'm always frightened by the choice of services. I really liked that everything is in one place here, and you can choose from familiar names and compare prices between them. The exchange took place fast and without any problems.
I tried swapping nearly $1000 worth of
I tried swapping nearly $1000 worth of bitcoin with the cake app four different times this evening and it wouldn’t work. Thankfully, their support was able to give me my money back quick and I was able to come here and I found an even better rate than what I got with cake. This will probably be my new go to crypto swapping platform. 100 out of 10 recommend and you can order with confidence :-)
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Easy to understand terminal, quick transaction. A bit of slippage on promised rate compared to what received - not sure why, as prices haven't changed by that percentage.
made good experiences
made good experiences. chaged IOTA in about 5 minutes.
Excellent and fast exchange at a good…
Excellent and fast exchange at a good rate! Thanks to the Swapzone team!
Great
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I wanted to share my experience after…
I wanted to share my experience after encountering a failed transaction earlier today. I contacted support, and the team was incredibly fast in getting back to me. They understood the problem immediately and helped me through the recovery process efficiently. It's situations like this that really show why prompt customer service is essential on an exchange. The quick resolution meant I didn't have to worry for long. Your help was much appreciated!
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Thank you
Thank you ! I've got my crypto swapped without any hassles.
Great
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easy seamless and quick
easy seamless and quick
Hervorragender Service!
Hervorragender Service!
fast and safe to be honest
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Faster
Faster, the best
Works with ~ 100€ worth of coins
I was scammed by simpleswap before, but with Changenow over simpleswap it worked.
This was my first swapping and it went…
This was my first swapping and it went so smoothly without needing to refresh again and again
Nothing to complain about
Nothing to complain about, got even more crypto than expected.
Great support
Great support, replied within 1 minute. Few minutes later, swap finished properly.
Super Service !
Super Service !
Very fast exchange
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Good also very fast support
Good also very fast support
Never had an issue once over many…
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First exchanges went great
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Customer service was great
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Read this carefully
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It worked better than I expected
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Good and Fast Support
Tyler from Swapzone's Support team was very kind and helps me out proactively. Highly recommend this site.
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