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CoinRadar DailyCRYPTO MARKET SURVEILLANCE
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BNB$785.86▼ 0.3%·
XRP$1.49▼ 0.4%·
USDC$0.999972▲ 0.0%·
SOL$119.85▼ 1.5%·
TRX$0.336507▲ 0.3%·
FIGR_HELOC$1.06▲ 0.0%·
ZEC$1,308.17▼ 2.1%·
HYPE$93.28▲ 3.8%·
DOGE$0.09456▼ 0.7%·
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LINK$13.87▼ 1.7%·
WBT$85.23▲ 0.4%·
USDS$0.999903▼ 0.0%·
ADA$0.264136▲ 6.9%·
LEO$8.95▼ 0.5%·
BTC$85,305.00▼ 0.0%·
ETH$2,699.02▼ 0.1%·
USDT$0.999961▲ 0.0%·
BNB$785.86▼ 0.3%·
XRP$1.49▼ 0.4%·
USDC$0.999972▲ 0.0%·
SOL$119.85▼ 1.5%·
TRX$0.336507▲ 0.3%·
FIGR_HELOC$1.06▲ 0.0%·
ZEC$1,308.17▼ 2.1%·
HYPE$93.28▲ 3.8%·
DOGE$0.09456▼ 0.7%·
XMR$553.74▲ 1.4%·
LINK$13.87▼ 1.7%·
WBT$85.23▲ 0.4%·
USDS$0.999903▼ 0.0%·
ADA$0.264136▲ 6.9%·
LEO$8.95▼ 0.5%·
7.8/10
Stablecoins

PYUSD

Solidranked 2 of 4 in stablecoins◆ Sources checked · 27 Sept 2026

Issued by Paxos, an OCC-supervised national trust bank since 12 Dec 2025, against cash, Treasury bills and repo, with monthly KPMG attestations. Liquidity is a fraction of the incumbents, and the October 2025 episode in which one key minted 300 trillion PYUSD by mistake is a control finding, not a footnote.

Best for: A federally supervised issuer with a plain cash-and-Treasuries reserve

Company file: Paxos, owners, incidents →

How this score was reached

7.8 is the weighted average of the five pillar findings below. Dependable, with trade-offs a reader should know about first.

Custody & Security35%
8.4

Reserves in cash, Treasury bills and repo, held for token holders under an OCC national trust charter, with monthly KPMG attestation and published composition. On 15 Oct 2025 a single key minted 300 trillion PYUSD by mistake; Paxos burned it within about half an hour, but minting had no supply cap.

Cost & Fee Transparency10%
8.2

Redemption at par through the issuer with published terms and no fee.

Regulation & Legal Standing20%
8.6

Paxos Trust Company, N.A., supervised by the OCC since 12 Dec 2025 (previously a New York DFS trust). NYDFS fined Paxos $26.5M plus $22M of compliance spending in Aug 2025 over its oversight of Binance.

Performance & Reliability30%
6.8

Peg has been stable, but the instrument has a short record and has not been tested by a genuine redemption wave.

Access & Support5%
6.4

About $2.75bn outstanding, mostly on Ethereum and Solana — materially thinner liquidity than the incumbents, though PayPal has offered it in 70 markets since Mar 2026.

Strengths

  • Plain reserve composition — cash, Treasury bills and repo
  • Issuer supervised by the OCC as a national trust bank
  • Monthly KPMG attestation with published composition

Against it

  • Liquidity is a small fraction of the incumbents
  • One key could mint without limit, shown by the 300-trillion mis-mint of Oct 2025
  • Issuer paid a $26.5M NYDFS penalty in 2025 over its Binance oversight

A plain reserve, a thin market

PYUSD is issued by Paxos against cash, Treasury bills and repo, attested monthly by KPMG. Since 12 Dec 2025 Paxos has been an OCC-supervised national trust bank rather than a New York trust company.

Two findings keep the scores below the headline. In October 2025 a single key minted 300 trillion PYUSD by mistake; Paxos burned it within about half an hour, but the episode showed minting had no cap. And in August 2025 New York fined Paxos $26.5M over its oversight of Binance. Liquidity, about $2.75bn, is a small fraction of the incumbents, and the coin has never faced a genuine redemption wave — a well-constructed instrument with no stress record is exactly what our limits section says a documentary method struggles to judge.

Frequently asked questions

Is PYUSD safer than USDC?+

Its reserve is simple, and both issuers now hold OCC national trust charters. PYUSD scores lower overall because liquidity is thin, it has no stress record, and the October 2025 mis-mint exposed a minting control gap.

What backs PYUSD?+

Cash, US Treasury bills and repo, held by Paxos Trust Company, N.A. for token holders, with monthly KPMG attestation and published composition. PYUSD is a claim on Paxos, not on PayPal.

Why is PYUSD liquidity so thin?+

It is newer and narrower in venue support than USDT or USDC, with about $2.75bn outstanding, mostly on Ethereum and Solana. Thin liquidity affects what you can do with it and how easily you can exit at size.

Assessed by

Olivia Bennett

By Olivia Bennett

Blockchain Security Researcher · September 27, 2026

◆ Disclosure

CoinRadar Daily is a non-commercial project. We have no commercial relationship with PYUSD, earn nothing from any link on this page, and carry no advertising or sponsorship anywhere on the site. Findings rest on public sources; we did not open an account or transact.

Rubric v2.0How we score →

The rest of the stablecoins table

  1. 01USDCThe strongest disclosure and reserve composition available8.5
  2. 02PYUSD — you are hereA federally supervised issuer with a plain cash-and-Treasuries reserve7.8
  3. 03DAI / Sky USDSOn-chain collateral with transparent, verifiable backing7.6
  4. 04USDTUnmatched liquidity and the widest venue acceptance7.5
Full stablecoinscomparison →

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