Paxos report: $44.3m PYUSD in circulation are overcollateralized
Paxos has released a transparency report on PayPal’s recently launched PYUSD stablecoin. The report , dated Aug. 31, 2023, reveals that the stablecoin is backed by $45.3 million in assets, primarily held in US Treasury Reverse Repurchase Agreements (REPO) and cash deposits at insured depository institutions. Paxos transparency report The report also shows that there are $44,376,440 in circulation backed by $45,360,147. Even so, this is significantly lower than the total net collateral of the leading stablecoins in the market. Latest data shows that Tether’s USDT has a total net asset of $81.8 billion, while Circle’s USDC has over $26.14 billion. You might also like: PayPal introduces web3 payment solutions for businesses Assets backing PYUSD primarily consists of $43.86 million in U.S. Treasury REPO and $1.5 million in cash deposits. The cash deposits are held in insured depository institutions and exceed Federal Deposit Insurance Corporation (FDIC) insurance ...