VENUEVERITAS

STABLECOIN EVIDENCE

PYUSD

Fiat-reserve backedPeg USDPayPal USD

Fiat-reserve USD token issued by Paxos Trust Company, N.A. PayPal/Venmo distribute; they do not issue PYUSD.

Compare USDC vs PYUSDInspect primary evidence

Detail ready · Core-10 evidence

What backs this stablecoin?

Reserve composition from published evidence. Missing percentages are not inferred.

Reserve reportJul 31, 2026
AssuranceKPMG LLP · Assurance report
Evidence stateCurrent verifiedFresh evidence ≠ safe
  • Repurchase agreements2.20B USD · 81.68%
  • Obligations of U.S. Treasury398.75M USD · 14.80%
  • Cash94.70M USD · 3.52%
  • Government money market funds0 USD · 0.00%

PYUSD-attributable fields only. Do not infer from USDG or other Paxos assets. Percentages derived from Exhibit B / total.

Inspect primary evidence

Backing Flow

Holder → issuer or protocol → backing → custody or hedge → verification. Unknown links stay labeled UNKNOWN.

HolderToken holder
IssuerPaxos Trust Company, N.A.
BackingSegregated redemption assets
Backing assetsRepo / Treasuries / cash
VerificationKPMG LLP

Can you redeem it directly?

Exchange trading is not issuer redemption.

Direct issuer redemption

Eligibility restricted

Eligible
Paxos / PayPal-Venmo convert paths for eligible users
KYC
Required
Minimum
Not published
Fee
Not published

Who controls what?

Who can mint, freeze, pause, upgrade, or govern — as evidence, not a safety score.

ControlPresentControllerEvidenceSource
MintYESPaxosVERIFIED—
FreezeUNKNOWNUNKNOWNUNRESOLVED—
BlacklistUNKNOWNUNKNOWNUNRESOLVED—
PauseUNKNOWNUNKNOWNUNRESOLVED—
UpgradeUNKNOWNUNKNOWNUNRESOLVED—
GovernanceUNKNOWNUNKNOWNUNRESOLVED—

Mint

YES

ControllerPaxos

Freeze

UNKNOWN

ControllerUNKNOWN

Blacklist

UNKNOWN

ControllerUNKNOWN

Pause

UNKNOWN

ControllerUNKNOWN

Upgrade

UNKNOWN

ControllerUNKNOWN

Governance

UNKNOWN

ControllerUNKNOWN

How is the backing independently checked?

Report type matters.

Assurance report

Independent assurance / examination of a reserve assertion — not “audited” shorthand.

Provider
KPMG LLP
Report
AICPA examination of management’s assertion
Report date
Jul 31, 2026
Covered assets
PYUSD redemption assets (Exhibit B)
Covered liabilities
PYUSD redeemable tokens (Exhibit A)
Scope limitation
Website-referenced information not examined

Inspect primary evidence

Reserve history

Append-only verified snapshots only. No synthetic series.

Latest verified snapshot

Jul 31, 2026

KPMG LLP — PYUSD Redemption Assets Report (examination)

2.69B USD · circ 2.69B USD

Current verifiedFresh evidence ≠ safe

What does this stablecoin depend on?

Structural dependencies only.

  • Paxos Trust
  • PayPal/Venmo distribution
  • Reserve banks / repo counterparties

Answer-first evidence blocks

What backs PYUSD?

As of 2026-07-31: repurchase agreements (~81.68%), U.S. Treasuries (~14.80%), cash (~3.52%), government MMF none — KPMG examination, PYUSD-only.

Who issues PYUSD?

Paxos Trust Company, N.A. PayPal/Venmo distribute; they do not issue PYUSD.

Regulatory structure

  • Paxos Trust N.A. OCC oversight claimed — entity-scoped.
  • Never write: PYUSD is regulated.

Unresolved / open gaps

  • Named bank / custodian legal names
  • Treasuries held by a qualified custodian (unnamed). Repo collateral via custodian/sub-custodian.

Related evidence links

Stablecoin Evidence interface. No safety score. No investment recommendation. Unresolved evidence remains unresolved.