Stablecoin issuer Paxos, in one of the latest developments, released the first transparency but unaudited report for the recently born Paypal USD, or PYUSD stablecoin, affirming the stability and reliability of the assets. This latest report also highlighted that, as the curtains fell in August, the lion’s share – over 90% – of PYUSD was held in Paxos wallet, with another approximately 7% scattered across various exchanges such as Kraken, Gate.io, and Crypto.com. Interestingly, the asset composition for PYUSD is majorly backed by U.S. Treasury reverse repurchase agreements. In the case of Paypal, 97% of the PYUSD – approximately $43 million, is backed by the agreements, under the stewardship of Paxos.
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