4 weeks ago
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Key Takeaways
- PYUSD is now minted natively on Polygon by Paxos, not bridged from another chain.
- Polygon has settled over $2.6 trillion in stablecoin transactions at ~$0.002 per transfer.
- PYUSD market cap fell from $4.20B in March to $2.84B on July 9.
Native issuance means Paxos mints PYUSD directly on Polygon, as it does on Ethereum and Solana. The alternative, bridging, locks tokens on one chain and issues IOU copies on another, adding infrastructure that has historically been crypto’s biggest hacking target. Native minting removes that risk layer and keeps redemption a one-step claim on Paxos.
The regulatory wrapper is the enterprise selling point. Paxos issues PYUSD under a national trust charter supervised by the Office of the Comptroller of the Currency, the federal regulator of US banks, with reserves in segregated, bankruptcy-remote accounts, legally walled off from Paxos itself. Among major stablecoins, that federal charter puts PYUSD in a smaller club than the market-cap tables suggest.
What Polygon Adds
The integration runs through Polygon’s O...
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