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PROGRAMMABLEMONEY

Six pieces of programmable money pulled apart layer by layer, and The Full Stack in the middle showing how they connect. Pick a world to open it.

ANATOMY OF ASTABLECOIN

Peg$1.000
Backing101%
In / out6 / 6
GENIUS8/8
All chapters
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15%
Motion
Theme
Real stablecoin · Anatomy of a Stablecoin

PayPal USD (PYUSD)

PayPal’s dollar, issued by Paxos and built into PayPal and, in the US, Venmo.

Issuer
Paxos, for PayPal
Launched
2023
Supply
≈ $3.0B
Route
OCC trust bank
How it is issued
Issuer as a service
License
Paxos Trust Company, NA, under OCC supervision since December 2025
Reserves
Dollar deposits, short Treasuries and reverse repos
Reports
Monthly reserve reports and attestations
Networks
Native on Ethereum, Solana, Arbitrum, Stellar and Polygon, and on more chains through LayerZero. Ethereum holds most
Yield
PayPal pays a variable reward (about 4% in the US) from its own economics, not Paxos
Access
PayPal app (70 markets), Venmo in the US and exchanges. Apps can also launch their own coins backed by PYUSD through PYUSDx, a separate launchpad
GENIUS Act
The issuer is a federally chartered trust bank. The open question is PayPal’s holder rewards, which the OCC’s March 2026 proposal may treat as yield.

Check the supply yourself

More stablecoins

XO ctUSD USDT USDC USDe DAI USD1 USDG RLUSD USDD U TUSD EURC SoFiUSD USDai CASH

Public information as of October 2026, simplified. Not legal or investment advice. Open the full stablecoins world.

Sources165Created by Andres Lamothe