PYUSIs PayPal USD (PYUSD) a security?
#39 by market cap · Last updated Oct 19, 2026 (evidence re-checked)At a glance
Payment stablecoin- ConfidenceLowMedium-HighHigh
- US exchange accessCoinbase (US incl. NY)
- Regulator (if enacted)GENIUS Act regulators (OCC / states)
- Evidence7 sources · 3 official
Is PYUSD a regulated payment stablecoin?
Likely a payment stablecoin under the GENIUS Act, with confidence capped at Medium-High until the Act takes effect.
GENIUS Act rules are still being written. From the expected effective date (Jan 18, 2027), US platforms may only offer payment stablecoins that meet the Act's issuer rules. Check whether your platform will keep supporting this one.
What should I do if my token is "stablecoin"? →
Why this status
- R1: centralized USD stablecoin; GENIUS Act framework applies (law since Jul 18, 2025; expected effective Jan 18, 2027).
- Implementing rules are still proposed and no issuer is yet 'permitted', so capped at Medium-High.
Decentralisation ("mature blockchain" test): Centrally issued by a single issuer (issuer-controlled, by design).
Evidence (7 sources)
3 official
- BackgroundThird-partyOct 19, 2026 · CoinGecko
Project description: PayPal USD is designed to contribute to the opportunity stablecoins offer for payments and is 100% backed by U.S.
CoinGecko: PayPal USD ↗ - Stablecoin lawThird-partyOct 19, 2026 · Paxos
PYUSD is issued by Paxos Trust Company, N.A. Paxos says issuance and reserves are overseen by the OCC, with 1:1 USD redemption.
Paxos: PayPal USD (PYUSD) ↗ - Exchange listingThird-partyOct 19, 2026 · Coinbase
PYUSD appears on Coinbase's 'US (incl. NY) Trading Assets' list.
Coinbase Digital Asset Disclosures: 'US (incl. NY) Trading Assets' list ↗ - RegulatorOfficial sourceAbsent / not foundMar 23, 2026 · Federal Register (SEC & CFTC)
PYUSD is not among the SEC's named examples of digital commodities in the March 2026 interpretation.
SEC interpretation (with CFTC guidance): Application of the Federal Securities Laws to Certain Types of Crypto Assets, Release 33-11412 ↗ - Stablecoin lawOfficial sourceMar 2, 2026 · Federal Register (OCC)
GENIUS Act implementing rules are still proposed, not final.
OCC proposed rule implementing the GENIUS Act (not final) ↗ - Stablecoin lawThird-partyDec 12, 2025 · Paxos
Paxos converted its NYDFS trust charter to an OCC national trust charter on Dec 12, 2025, and says PYUSD will align with GENIUS Act rules.
Paxos: OCC approves conversion to a national trust charter (Paxos Trust Company, N.A.) ↗ - Stablecoin lawOfficial sourceJul 18, 2025 · Congress.gov
Payment stablecoins are governed by the GENIUS Act (law since Jul 18, 2025; expected effective Jan 18, 2027).
GENIUS Act (S. 1582) signed into law, Public Law 119-27 ↗
Rules by country
Payment stablecoin (ClarityCheck estimate, medium-high confidence). The CLARITY Act is not law, so today the SEC's and CFTC's existing frameworks apply. The GENIUS Act (signed Jul 18, 2025) takes effect by Jan 18, 2027 at the latest.
Not found in ESMA's interim MiCA register of e-money token issuers (checked Oct 19, 2026). Under MiCA, EU platforms restricted non-compliant stablecoins for EEA users in 2024–25. See the delisting tracker. ESMA register ↗
The UK's new FCA cryptoasset regime starts on Oct 25, 2027. Firms can apply from Sept 30, 2026 until Feb 28, 2027. There's no token-by-token classification list; the rules apply to the firms that offer the token. FCA ↗
PYUSD questions
Is PayPal USD (PYUSD) a security?
A payment stablecoin issued by a permitted issuer is excluded from the definition of "security" by the GENIUS Act (Section 17). ClarityCheck rates PYUSD as a likely payment stablecoin (medium-high confidence). The Act takes effect by Jan 18, 2027 at the latest. Not legal advice.
Can I buy PYUSD on US exchanges?
US access: Coinbase (US incl. NY). Availability can differ by state and by exchange. See our exchange safety checker.
What would the CLARITY Act change for PYUSD?
GENIUS Act rules are still being written. From the expected effective date (Jan 18, 2027), US platforms may only offer payment stablecoins that meet the Act's issuer rules. Check whether your platform will keep supporting this one.
How reliable is this PYUSD status?
Confidence is Medium-High. It comes from fixed rules applied to 7 cited sources (checked Oct 19, 2026), not from opinion. Statuses can change as courts, regulators and Congress act.
Change log
5 entries
- Status reviewEvidence-based review: status set to 'Payment stablecoin (GENIUS Act)' (Medium-High confidence) using ClarityCheck rules. Replaces earlier illustrative demo data.
- PYUSD is not among the SEC's named examples of digital commodities in the March 2026 interpretation. Source ↗
- GENIUS Act implementing rules are still proposed, not final. Source ↗
- Paxos converted its NYDFS trust charter to an OCC national trust charter on Dec 12, 2025, and says PYUSD will align with GENIUS Act rules. Source ↗
- Payment stablecoins are governed by the GENIUS Act (law since Jul 18, 2025; expected effective Jan 18, 2027). Source ↗
Snapshot Oct 19, 2026 · Prices by CoinGecko