🚨PAXOS FIRMING BOTH STABILITY AND RELIABILITY🚨

Paxos has published its first transparency report for the recently launched Paypal USD (PYUSD) stablecoin, affirming its stability and reliability.

As of August 2023, more than 90% of PYUSD was held in Paxos wallets, with another 7% spread across exchanges such as Kraken, Gate.io, and Crypto.com. The report reveals that as of August 31, 2023, there were $44.4 million worth of PYUSD tokens in circulation with a nominal position value of approximately $44.5 million.

What is interesting is that 97% of PYUSD is backed by US Treasury reverse repurchase agreements, managed by Paxos but benefiting PYUSD holders. Paxos assures that the risk of loss is practically negligible, since the assets are overcollateralized with US Treasury bonds.

The crypto community is delighted with the transparency of Paxos as it reinforces trust and stability in PYUSD. Bitpay, one of the largest adopters of PYUSD, recently added the stablecoin as a payment option, indicating its growing adoption.

However, adoption remains slower than expected as around 36.9 million PYUSD tokens are yet to be released by Paxos.