PayPal USD (PYUSD): D-Score 30/100 — Centralized Leaning BlockIndex D-Score: 30/100 (Centralized Leaning). PayPal USD (PYUSD) is a Layer 1 cryptocurrency using PoS consensus. PayPal USD (PYUSD): Regulated, fiat-backed stablecoin issued by Paxos and distributed via PayPal for payments and DeFi integration. Source: https://blockindex.ai/coin/pyusd · Data by BlockIndex.AI · Updated 2026-06-19 D-Score breakdown (0-100, higher means more decentralized) Component: Score: Overall D-Score: 30: Node distribution: 0: Initial distribution: 0: Governance: 16: Age and history: 9: Autonomy: 5: Key facts - Layer: Layer 1 - Consensus: PoS (N/A) - Launch: Other (2023) - Founder: Paxos Trust Company (issuer); PayPal (distributor) - VC funded: No - Max supply: N/A - Circulating: 2,769,839,654 Market data (as of 2026-06-19) - Price: $1 - Market cap: $2.77B - 24h volume: $101.92M - 24h change: +0.02% · 7d change: +0.02% About PayPal USD (PYUSD) is a regulated, fiat-backed stablecoin issued by Paxos Trust Company and distributed through PayPal's payments platform. Launched on August 7, 2023, PYUSD was introduced to bring a programmable, redeemable digital dollar to PayPal users while preserving a strong link to traditional financial backing. The token is explicitly redeemable 1:1 for U.S. dollars and is backed by U.S. dollar deposits, short-term U.S. Treasuries, and cash equivalents; monthly attestations of reserves are published by an independent accounting firm. As a corporate-issued stablecoin, PYUSD is governed through established legal and regulatory frameworks rather than decentralized onchain governance, and it emphasizes institutional-grade reserve management, compliance, and integration with mainstream payment rails. Technically, PYUSD exists as token representations on multiple layer-1 blockchains — notably as an ERC-20 contract on Ethereum and an SPL token on Solana — enabling broad interoperability across major smart-contract ecosystems. The security and consensus properties for onchain transfers derive from the underlying host networks rather than from any consensus mechanism belonging to the token itself. Contract addresses for the primary chains are publicly listed on market and explorer pages, and the token’s design centers on offchain reserve management and redemption mechanisms handled by Paxos. There is no token issuance model based on mining or staking rewards; the supply is centrally minted and managed by the issuer in response to user demand and redemptions. From a use-case perspective, PYUSD targets payment flows, merchant checkout, cross-platform transfers, and integration into DeFi and institutional products. Distribution via PayPal provides immediate access to a large user base, while listings on major centralized exchanges and availability in widely used wallets support liquidity and composability. Notable adoption items include integration pilot programs and platform-level payout support (e.g., creator payouts), and institutional usage such as tokenized funds and custody partnerships in late-2025 previews. The token’s stability and regulatory posture make it suited for both consumer payments and institutional treasury operations where counterparty assurances and audited reserves are prioritized. Economically, PYUSD behaves as a fiat-backed stablecoin; there is no algorithmic issuance or onchain monetary policy. The market displays multi-billion-dollar circulating balances (circulating supply ~3.876B PYUSD in the provided snapshots) and market capitalization in the range of approximately $3.87B. Monthly reserve attestations by WithumSmith+Brown, PC and regulatory oversight by the New York State Department of Financial Services are core features of the economic model, intended to maintain confidence in redeemability. No premine or public pre-issuance percentages were documented in the provided sources, and standard tokenomics metrics (max supply, inflation schedule) are not applicable in the same way they are for native blockchain tokens. Governance for PYUSD is centralized and off-chain: Paxos, as the regulated issuer and custodian of reserves, is responsible for issuance, redemption, reserve management, and regulatory compliance, while PayPal functions as the distribution partner and consumer-facing operator. There is no DAO, no onchain voting mechanism, and no developer treasury tied to block rewards. Recent strategic developments documented in late 2025 (regulatory filings for additional banking licenses, platform payout integrations, and institutional product announcements) indicate ongoing corporate-driven productization and regulatory engagement rather than a community-led governance transition. The project’s orientation toward regulatory compliance, reserve transparency, and platform-scale distribution defines its roadmap and risk profile. Links - Website: https://www.paypal.com/us/home - Whitepaper: https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd - GitHub: N/A --- About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore