Paxos, the OCC-regulated issuer of PYUSD, said the stablecoin will now settle directly on Polygon rather than moving there as a bridged token.
PayPal USD is now issued natively on Polygon and integrated into the network’s Open Money Stack, Polygon’s official account said Thursday. Paxos, the stablecoin’s issuer, confirmed the move the same day.
“PYUSD, the OCC-regulated stablecoin issued by Paxos, is now available on [Polygon] and the Open Money Stack,” Paxos said in a post on its official X account. Polygon said it settles more than $2.5 billion in stablecoin volume daily and has moved over $2.6 trillion in stablecoins onchain in total, according to its own thread.
Native Issuance, Not a Bridge
Native issuance means PYUSD on Polygon will be minted directly by Paxos rather than moved over as a wrapped or bridged token, a distinction Polygon emphasized in its announcement. The chain’s Open Money Stack bundles payins, payouts, wallets and crosschain orchestration into what Polygon calls a single API for end-to-end payments.
Polygon said “customers will soon be able to build with native PYUSD, to take money in, move it across borders, and cash it out in one integration,” per the same thread. Neither company gave a firm date for when those integrations go live.
A Small Slice of a $2.8B Token
PYUSD’s total circulating supply stands at $2.83 billion across 19 chains, with Ethereum holding 64.6% and Solana 24.7%, according to DefiLlama. Polygon currently accounts for just $10.13 million, or 0.4% of supply, making Thursday’s move a bet on future distribution rather than a reflection of existing volume.
The expansion follows PayPal’s earlier rollout of PYUSD to Solana in May 2024, part of a broader multichain push that has also included Arbitrum and Ethereum’s own rails.