Paxos Transparency Report: PYUSD Stablecoin Fully Collateralized

IconCryptoNewsTerminal Staff22 Jul, 2024

cryptonews.jpg

Paxos Transparency Report: PYUSD Stablecoin Fully Collateralized

Paxos, a leading issuer of stablecoins, recently released its transparency report, providing insights into the reserves backing its PYUSD stablecoin. As of June 28th, the total outstanding PYUSD tokens amount to approximately $499 million, and these tokens remain fully collateralized by high-quality assets. The transparency report reveals that Paxos holds a reserve consisting of $495.5 million in U.S. Treasuries and $450 million in U.S. Treasury-backed reverse repurchase agreements. This results in net assets of $510 million, exceeding the total outstanding PYUSD tokens. This indicates that the PYUSD stablecoin is fully backed and redeemable at a 1:1 ratio to the U.S. dollar. Paxos's commitment to transparency and regulatory compliance sets it apart in the stablecoin industry. The company undergoes regular audits and certifications to ensure that its reserves are accurately reported and that its operations meet the highest standards.

Related News