Advanced functions such as these are implemented at the token standard level.5 Function: Regulatory compliance tools (freezing, forced transfer, etc.) required in the corporate environment can be performed directly on-chain.5 Source: Solana newsroom and developer workshop materials.5 7. PYUSD's value system aims to create new economic utility by fusing the two values of "reliability of traditional finance" and "programmability of blockchain".7 1. Trust-based Value: The value of PYUSD is derived from the legal status of the issuer, Paxos, and the regulatory framework of NYDFS.11 Through the PayPal brand and Paxos' transparent disclosure, users have a strong belief that 1 PYUSD...
Investment View
Technical fragmentation risk: Liquidity may be fragmented as assets are scattered across multiple chains, such as Ethereum, Solana, and Stellar.14 If a bridge security incident or value mismatch between chains occurs, trust in the economic system may be damaged.4 4. Overwhelming competitors and market share: It must catch up with the liquidity of USDT (Tether), which has already dominated the market, and the level of DeFi integration of USDC (Circle).15 As of the end of 2025, the growth of PYUSD is Although steep, its market share in major lending protocols is still low compared to the top stablecoins.31 Conclusion and...
Caution: This report is not investment advice and does not provide buy or sell recommendations or speculative price predictions. PYUSD is a dollar-linked stablecoin that combines the PayPal brand and Paxos issuance structure. After launching on Ethereum in 2023, it expanded to Solana in 2024, reinforcing the narrative of “regulated reserve-based stablecoin + low-cost, high-speed payment rail”.
Investment View
The overall maturity of PYUSD on Solana is evaluated at 71.5%. However, PYUSD is still a laggard in terms of liquidity, market share, and DeFi collateral adoption compared to USDT/USDC. Additionally, the misissuance incident in 2025 revealed the central authority and operational control risk, which is a core weakness of regulated stablecoins.