Stablecoin issuer Paxos, in one of the latest developments, released the first transparency but unaudited report for the recently born Paypal USD, or PYUSD stablecoin, affirming the stability and reliability of the assets.
This latest report also highlighted that, as the curtains fell in August, the lion’s share – over 90% – of PYUSD was held in Paxos wallet, with another approximately 7% scattered across various exchanges such as Kraken, Gate.io, and Crypto.com.
Paxos’ PYUSD Report Now Out!
The first report unveils the performance metrics of Paypal USD stablecoin, as observed in its debut month, i.e., August 2023. As of August 31, 2023, the number of outstanding PYUSD tokens amounted to $44.4 million, with a notional position value of about $44.5 million.
Interestingly, the asset composition for PYUSD is majorly backed by U.S. Treasury reverse repurchase agreements. In layman’s terms, a reverse repurchase agreement is a deal between two parties. In this arrangement, one
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