PYUSD/USD price feed

PYUSD is issued by Paxos Trust Company under New York trust regulation, with reserve reports published monthly. Redemption at one dollar runs through the issuer. That is the primary market: defined, audited, administrative. It is one half of what makes a stablecoin work.

The other half is the secondary market, which is where this feed lives. PYUSD circulates as an ERC-20 token on Ethereum plus as an SPL token on Solana, held by wallets that will never touch the redemption desk. For them the price of PYUSD is whatever the pools quote, which is why the market rate deserves its own measurement.

PYUSD is issued natively on Ethereum plus Solana, so its book has two potential homes rather than one. How the weight splits between them has shifted before; the composition reports the current split rather than freezing either side into the story. Most stablecoins have a clear home network; PayPal's dollar genuinely lives in two places.

Around the deepest venues sits a shifting ring of smaller ones, with further pools in continuous evaluation across the same networks. The multi-chain shape is the point: a rate computed on one chain alone would miss part of the market, so the feed weighs every qualifying venue into one number.

PYUSD's pools quote it against other dollar instruments, which makes this feed a direct peg measurement. The rate is not assumed to be one dollar. It is whatever the pools clear at, usually a fraction of a cent from the target, in either direction.

Why not exactly one dollar? Because a pool is an inventory, not a promise. When more holders sell PYUSD into a pool than buy out of it, the quoted rate slips a hair below the target until arbitrage steps in: buy at the discount, redeem at one dollar through the issuer, keep the difference. That loop keeps the rate tight without pinning it. How far the rate wanders before the loop closes it is a live reading of how well the whole system works.

That fraction is the signal. Redemption defines the dollar; the secondary market states its own opinion continuously, in the gap between the two. A treasury holding PYUSD, a market maker quoting it, a protocol taking it as collateral: each cares less about the design target than about what the token clears at right now, at size. Depth is published per side with every response, so the rate keeps its meaning even for large positions.