Paxos has published the first transparency report for the Ethereum-based stablecoin PayPal USD, stating that the coin is fully backed by assets.
the first transparency report for the Ethereum-based stablecoin PayPal USD , stating that the coin is fully backed by assets.
The biggest share of PYUSD assets is backed by the U.S. Treasury reverse repurchase agreements held in custody by Paxos for the benefit of PYUSD holders. According to the data, as much as $43 million — or nearly 97% of total assets in PYUSD custody — are held in Treasury reverse repurchase agreements.A reverse repurchase agreement is a contractual arrangement between two parties, where one party agrees to sell securities to another party at a specified price with a commitment.
“In the event of a default by the counterparty, Paxos is able to liquidate the U.S. Treasury collateral to make itself whole. As all trades are overcollateralized, the risk of loss is not deemed to be material.”
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