Stablecoin issuer Paxos has published the first transparency report for the Ethereum-based stablecoin PayPal USD (PYUSD), stating that the coin is fully backed by assets.
According to the report, the total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, 2023. The total notional position value amounted to $44.5 million.
The biggest share of PYUSD assets is backed by the U.S. Treasury reverse…
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