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PayPal USD

PYUSD

Stablecoin · Built in New York, NY · Paxos Trust Company, N.A. (converted from Paxos Trust Company, LLC, a New York state trust company)

$0.9996

0.02% up24h

Under review

Under editorial review since 2026-09-14

Charter status is inconsistent across sources: the OCC's December 12, 2025 letter is a conditional approval, but Paxos says the conversion was completed that day. The same OCC letter names Kabompo Holdings, Ltd. (Cayman Islands) as the ultimate parent, so an editor should assess this under the offshore-entity and change-of-control rules. Co-founder Rich Teo is not yet sourced.

Price

Why it’s on the board

Pathway: US issuer. Needs Tests 1 and 4, plus 2 or 3.

  1. Test 1 · passes on primary documents

    Headquartered in the United States

    Paxos Trust Company, N.A. (converted from Paxos Trust Company, LLC, a New York state trust company) is headquartered in New York, NY.

    1 source· 1 primary

  2. Test 4 · passes on primary documents

    Registered in a US state

    Paxos Trust Company, N.A. (converted from Paxos Trust Company, LLC, a New York state trust company) is registered in NY.

    1 source· 1 primary

  3. Test 2 · not met

    American founding team

    0 of 1 named founders are established US persons holding operational roles today; a majority is required.

  4. Test 3 · passes on primary documents

    Primary operations in the United States

    Paxos Trust Company applied to the OCC to convert its New York trust charter to a national trust bank, and the OCC conditionally approved the application on December 12, 2025.

    1 source· 1 primary

Legal entities

Paxos Trust Company, N.A. (converted from Paxos Trust Company, LLC, a New York state trust company)

New York · token issuer · New York, NY

4 sources· 3 primary

Founders

Charles Cascarilla

CEO and co-founder, Paxos · US status not established · operating role today

1 source

Regulatory posture

OCC

The OCC conditionally approved conversion to Paxos Trust Company, National Association (Charter Number 25379) on December 12, 2025. Paxos states the conversion took effect that day and that PYUSD issuance and reserves are overseen by the OCC.

3 sources· 1 primary

NYDFS

In August 2025 NYDFS fined Paxos $26.5 million for compliance and anti-money-laundering failures, and Paxos agreed to spend a further $22 million improving its compliance program.

1 source

Audits

KPMG LLP

Monthly PYUSD attestation reports posted on or after February 28, 2025 (WithumSmith+Brown, PC before that date).

1 source

Record history

  1. 2026-09-14 · review opened

    Review opened to confirm final OCC conversion status and assess the Cayman Islands ultimate parent (Kabompo Holdings, Ltd.) disclosed by the OCC.

  2. 2026-09-14 · correction

    Issuer corrected to Paxos Trust Company, N.A. (OCC conversion of the former NYDFS-chartered trust company); attestor corrected to KPMG LLP (since February 28, 2025); 2025 NYDFS penalty and $22M compliance commitment disclosed; unsubstantiated investor annotations (Edison Partners "lead, Series A", Declaration Partners "Series D") and unsourced FinCEN/BitLicense claims removed.

  3. 2026-04-29 · listed

    Listed in the v0.1 allowlist.

Full registry changelog
Last verified 2026-09-14Verified by USCC research pass 2026-09-14 (AI-assisted; pending editorial sign-off)

About PayPal USD

PayPal USD (PYUSD) is PayPal's US dollar stablecoin, issued by Paxos Trust Company, N.A. and available on Ethereum and Solana. Paxos converted its New York trust charter to a national trust charter and says PYUSD issuance and reserves are overseen by the OCC. Monthly reserve attestations have been issued by KPMG LLP since February 2025.