Settlement stablecoins
PayPal USD (PYUSD)
What it is
由 Paxos Trust Company, N.A. 发行（不是 PayPal 发行，PayPal 只提供前端与支付场景）的面向支付型美元稳定币，ERC-20 部署。储备 100% 由美元存款、美国国债与现金等价物构成，客户资产隔离存放于破产隔离账户。持有人无任何底层资产权利，仅持有兑付请求权。
How you get out
可直接向 Paxos 按 1.00 美元/枚赎回，受 Paxos 条款约束。PayPal 与 Paxos 之间有义务按 1.00 美元双向买卖，但 PayPal 可随时停止支持 PYUSD 且不保证提前通知。
What backs it
受 OCC（货币监理署）监管。储备 100% 为美元存款、剩余期限少于 90 天的美国国债（存放于破产保护托管账户）、以及超额抵押的隔夜逆回购；储备**不含货币市场基金**。Paxos 每月发布储备构成报告及独立第三方会计师 attestations。
On-chain contracts
4 address(es) checked with eth_getCode on the chain each token
is deployed on. An address returning 0x on Ethereum mainnet is normal for an L2
deployment and is not treated as invalid.
| Chain | Address | symbol() on chain | Code |
|---|---|---|---|
| Ethereum | 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8 | PYUSD | verified |
| Ethereum | 0x31d9bDEa6F104606C954f8FE6ba614F1BD347Ec3 | no symbol() method | verified |
| Arbitrum | 0x46850aD61C2B7d64d08c9C754F45254596696984 | PYUSD | verified |
| Polygon PoS | 0x99aF3EeA856556646C98c8B9b2548Fe815240750 | PYUSD | verified |
Caveats worth knowing before you use this
- ⛔ 它是**结算稳定币，不是 RWA 载体** —— 代币化的是美元本身，不存在资产穿透。把它放进代币化资产目录会误导读者。
- PayPal 账户内的 PYUSD 余额不指明特定区块链，且 PayPal 采用混合账本，用户看到的可能不是实时上链余额。
Primary sources
Everything above traces to these pages. Aggregated protocol tables and third-party AUM figures are deliberately not used as sources in this directory.