Paxos powers industry-leading stablecoins: Pax Dollar (USDP) and PayPal USD (PYUSD). Each token is backed 1:1 by the US dollar and Paxos custodies all of the dollar reserves backing each of these tokens in US Treasury bills and FDIC-insured US banks. USDPand PYUSD are regulated by the New York State Department of Financial Services and issued by Paxos Trust Company. USDP was first introduced by Paxos in September 2018. PYUSD is issued by Paxos Trust Company and is a PayPal-branded stablecoin.
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