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PayPal PYUSD 稳定币 Guide 2026: 4% APY, 70 Countries, How to Buy
PYUSD 现已在 70 个国家开放！
PayPal's dollar-锚定ged 稳定币 has quintupled in 市值 to $4.1 billion, offers 4% APY rewards, and just expanded to 70 countries. Here's everything you need to know about PYUSD in 2026.
$4.1B
市值
70
国家
4%
年化收益率奖励
ETH+SOL
支持网络
什么是 PayPal PYUSD？
PayPal USD (PYUSD) is a dollar-锚定ged 稳定币 issued by Paxos Trust Company on behalf of PayPal. Launched in August 2023, PYUSD is designed to maintain a 1:1 锚定 to the U.S. dollar. Each 代币 is backed by U.S. dollar 充值s, short-term U.S. Treasury bills, and similar cash equivalents held in segregated reserve accounts.
Unlike algorithmic 稳定币s (like the failed TerraUST), PYUSD is a fully 抵押品ized, fiat-backed 稳定币. This means there are real dollars and dollar-equivalent assets held in reserve for every single PYUSD 代币 in circulation. Paxos publishes monthly attestation reports 审计ed by independent third parties to verify this.
PYUSD operates on two major 区块链 networks: Ethereum (as an ERC-20 代币) and Solana (as an SPL 代币). This dual-network approach gives users flexibility in choosing between Ethereum's deep DeFi ecosystem and Solana's ultra-fast, low-cost transactions.
Key fact: PYUSD's 市值 has quintupled from approximately $800 million in March 2025 to $4.1 billion in March 2026, making it the 6th largest 稳定币 by 市值italization.
How PYUSD Works: Reserves, 锚定, and Architecture
1:1 储备支撑
Every PYUSD 代币 is backed by U.S. dollar 充值s, short-term U.S. Treasury bills, and similar cash equivalents held in segregated accounts by Paxos Trust Company. This means for every 1 PYUSD in circulation, there is exactly $1 worth of high-quality liquid assets in reserve.
由 Paxos Trust Company 发行
Paxos is a New York-regulated trust company under the supervision of the New York Department of Financial Services (NYDFS). As the issuer, Paxos handles all minting, burning, and reserve management. Monthly third-party attestation reports verify the reserves backing every PYUSD 代币.
铸造与销毁机制
When users buy PYUSD through PayPal or an 交易所, Paxos mints new 代币s and adds the corresponding dollars to reserves. When users redeem PYUSD for dollars, the 代币s are burned (destroyed) and dollars are released from reserves. This ensures the supply always matches the reserves.
双网络架构
PYUSD operates on both Ethereum (ERC-20) and Solana (SPL 代币). Ethereum offers deep DeFi integration with protocols like Aave and Curve, while Solana provides sub-second settlement times and transaction fees under $0.01. Users can bridge between networks using supported platforms.
PYUSD 收益计算器（4% 年化收益率）
计算您持有 PYUSD 在 4% 原生年化收益率奖励计划下的潜在收益。
每日收益
$0.55
每天
每月收益
$16.67
每月
年度收益
$200.00
4% APY年收益
年化收益率可能发生变化。4% 年化收益率目前面向美国 PayPal 和 Venmo 用户开放。收益按日计算，按月发放。无最低持有余额要求，无锁仓期。本计算器仅显示估算值，不考虑可能的利率变动或复利。
70 国扩张：意味着什么
2026 年 3 月 17 日，PayPal 宣布了 PYUSD 历史上最大规模的地域扩张。此前仅在美国和英国可用的 PYUSD，现已向四大地区 70 个国家的 PayPal 用户开放。
亚太地区
新加坡、日本、韩国、澳大利亚、香港、印度、泰国、菲律宾、越南、印度尼西亚、马来西亚及更多地区
欧洲
德国、法国、荷兰、意大利、西班牙、捷克、罗马尼亚、爱尔兰、瑞典、丹麦、波兰及更多地区
拉丁美洲
秘鲁、危地马拉、哥伦比亚、巴西、墨西哥、智利、阿根廷、哥斯达黎加、多米尼加共和国及更多地区
非洲
乌干达、肯尼亚、南非、尼日利亚、加纳、坦桑尼亚、卢旺达及更多地区
这为什么重要
- PayPal has 430+ million active accounts globally. Expanding PYUSD to 70 countries gives hundreds of millions of users instant access to a regulated dollar 稳定币 without needing a crypto 交易所 account.
- In countries with high 通胀 or limited banking access (like Uganda, Nigeria, Peru, Guatemala), PYUSD provides a stable dollar-denominated savings instrument accessible through the PayPal app.
- Cross-border 汇款 become near-instant and near-free. Users can send PYUSD globally instead of using expensive 电汇 services that charge 5-10% in fees.
- This expansion positions PYUSD as a serious competitor to USDT and USDC in the global 稳定币 market. With PayPal's brand trust, onboarding friction is minimal compared to crypto-native 稳定币s.
PYUSD vs Other 稳定币s: Complete Comparison
| 功能 | PYUSD | USDT | USDC | DAI |
|---|---|---|---|---|
| 发行方 | Paxos / PayPal | Tether | Circle | MakerDAO |
| 市值 | $4.1B | $143B | $52B | $5.3B |
| 原生年化收益率 | 4% | 0% | 0% | 4.5% (DSR) |
| 支持网络 | ETH + SOL | 多链 | 多链 | ETH |
| 需要KYC | PayPal KYC 认证 | 交易所 KYC | 交易所 KYC | 否 |
| 背书资产 | 美元 + 国债 | 储备金（混合） | 美元 + 国债 | Crypto 抵押品 |
| 监管 | NYDFS + GENIUS 法案 | 离岸（英属维尔京群岛） | 美国州级许可证 | 去中心化 |
数据截至 2026 年 3 月。市值和利率为近似值，可能发生变化。
PYUSDx: Custom 稳定币s Backed by PYUSD
In February 2026, PayPal launched PYUSDx, a groundbreaking platform developed in partnership with MoonPay and built on the M0 protocol. PYUSDx allows businesses, financial institutions, and developers to create their own custom 稳定币s that are backed by PYUSD reserves.
Think of PYUSDx as a "稳定币-as-a-service" platform. A fintech company in Southeast Asia could issue branded dollar 代币s for their local user base. A gaming company could create in-game currency 锚定ged to the dollar. A 汇款 company could offer branded stable 代币s for their corridor. All of these would be backed by the same high-quality reserves that back PYUSD itself.
White-Label 稳定币s
Create branded dollar 代币s for your business or platform
Paxos 支撑的储备金
All custom 稳定币s backed by the same reserves as PYUSD
M0 协议
Built on M0 去中心化 infrastructure for 互操作性
现实世界 Use Cases for PYUSD
YouTube 创作者收款
支付YouTube 现已向全球创作者提供 PYUSD 作为收款选项。内容创作者可以通过 PYUSD 接收广告收入，避免传统银行电汇的延迟和高额兑换手续费。付款即时到账，可在链上持有或兑换。
TCS 货运与物流
供应链Through the TCS 区块链 integration, trucking companies and freight brokers can use PYUSD for same-day payments. Instead of waiting 30-90 days for invoice processing, drivers receive instant PYUSD payments. Over 50,000 carriers have been onboarded to the system.
跨境 汇款
汇款PYUSD 现已覆盖 70 个国家，PayPal 用户可以以近零成本进行国际汇款。从美国汇款到菲律宾，传统电汇需要 10-25 美元的手续费，而通过 Solana 上的 PYUSD 只需几秒钟，费用不到 0.01 美元。
Fiserv 互操作性
基础设施通过与 Fiserv 的合作，美国数千家金融机构、银行和信用合作社现在可以将 PYUSD 整合到其现有支付基础设施中。这意味着接入 Fiserv 的商户可以在接受传统刷卡支付的同时接受 PYUSD 支付。
DeFi 收益与借贷
DeFiPYUSD is integrated with major DeFi protocols on both Ethereum and Solana. Users can provide 流动性 in PYUSD pools on Curve Finance, lend on Aave, or participate in Solana-native protocols like Kamino and Marginfi for additional yield on top of the native 4% APY.
GENIUS 法案与监管格局
The GENIUS Act (Guiding and Establishing National Innovation for U.S. 稳定币s), signed into law in July 2025, is the first comprehensive federal 稳定币 framework in the United States. It directly impacts PYUSD and all other 稳定币s operating in the U.S. market.
PYUSD is uniquely well-positioned for GENIUS Act compliance because Paxos, as a NYDFS-regulated trust company, was already operating under many of the same standards before the law was enacted. Key requirements include 1:1 reserve backing, monthly 审计ed attestations, no rehypothecation of reserves, AML/KYC compliance, and consumer protections including the right to redeem at par value.
PYUSD 合规 Advantages
- •NYDFS 监管发行方（Paxos），自 2015 年起
- •每月发布第三方审计报告
- •储备金隔离存放于美国国债
- •PayPal KYC/AML 基础设施（4.3 亿+已验证用户）
关键日期
- •2025 年 7 月：GENIUS 法案签署成为法律
- •2026 年 7 月 18 日：实施细则最终确定
- •2027 年 1 月 18 日：全面执行生效
- •2027 年 1 月后，不合规发行方将面临处罚
如何获取 PYUSD
通过 PayPal 应用（直接购买）
获取 PYUSD 最简单的方式是直接通过 PayPal 或 Venmo 应用。打开应用，导航到加密货币部分，选择 PYUSD，然后使用绑定的银行账户或 PayPal 余额购买。此方式可让您立即享受 4% 年化收益率奖励计划。截至 2026 年 3 月已在 70 个国家开放。
Buy on Crypto 交易所s
PYUSD is listed on major crypto 交易所s. You can buy it directly with fiat or swap from other 加密货币. Using an 交易所 gives you more flexibility for DeFi integration and self-custody options.
如何安全存储 PYUSD
For maximum security, consider self-custody with a 硬件钱包. While PayPal 托管ly holds your PYUSD, moving to a 硬件钱包 gives you full control over your 代币s. This is especially important for large holdings.
Ledger 硬件钱包
支持以太坊和 Solana 网络上的 PYUSD。Ledger Nano X 和 Ledger Stax 提供带蓝牙连接的冷存储方案。您的私钥绝不会离开安全芯片。
Trezor 硬件钱包
Open-source 硬件钱包 supporting PYUSD on Ethereum. Trezor Model T and Trezor Safe 5 offer a touchscreen interface with full ERC-20 代币 management. Ideal for Ethereum-based PYUSD holders.
Important: If you move PYUSD from PayPal to a self-custody 钱包, you may lose access to the 4% APY rewards program which is only available through the PayPal/Venmo app. Weigh the trade-off between earning yield and having full control of your 代币s.
风险与注意事项
中心化风险
PYUSD is issued by a 中心化 entity (Paxos) on behalf of a corporation (PayPal). Unlike 去中心化 稳定币s like DAI, Paxos has the ability to freeze or blacklist addresses. This is a feature for regulators but a concern for users who value censorship resistance.
智能合约 Risk
As an on-chain 代币, PYUSD is subject to 智能合约 risk. While Paxos contracts have been 审计ed by multiple firms, no 智能合约 is 100% immune to vulnerabilities. Using DeFi protocols with PYUSD adds additional layers of 智能合约 risk.
监管风险
While the GENIUS Act provides a framework, implementing rules are still being finalized (due July 2026). Future 监管 changes could affect how PYUSD operates, its yield program, or its availability in certain jurisdictions. The 4% APY rate is not guaranteed and may change.
竞争风险
PYUSD competes against deeply entrenched incumbents. USDT has 35x the 市值 and far more liquidity. USDC has deeper institutional adoption. Newer entrants like USDY offer higher yields (5%). PYUSD must continue to differentiate to maintain growth.
托管 Risk (PayPal)
If you hold PYUSD in the PayPal app rather than self-custody, you are dependent on PayPal's platform. PayPal could freeze your account, change terms of service, or modify the yield program. Self-custody via 硬件钱包 eliminates this risk but forfeits the 4% APY.
常见问题
风险提示
- •稳定币s, while designed to maintain a 1:1 锚定, are not guaranteed by government 充值 insurance (like FDIC). There is always a risk, however small, that a 稳定币 could de锚定.
- •年化收益率为浮动利率，可能随时调整，恕不另行通知。PayPal 宣传的 4% 收益率并非保证回报。
- •Using PYUSD in DeFi protocols introduces additional 智能合约 risk. Only 充值 amounts you can afford to lose into DeFi protocols.
- •Always conduct your own research and consult a qualified 金融顾问 before making investment decisions.
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This article is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. 稳定币 investments carry risks including but not limited to 智能合约 vulnerabilities, regulatory changes, and de锚定 events. APY rates are variable and not guaranteed. Always conduct your own research and consult qualified professionals before making investment decisions. Information reflects the status as of March 17, 2026 and may change.