Reserve-reconciliation evidence pack for PYUSD, period 2026-05 — every number below traces to a hash-committed source artifact, and your browser can re-verify all of it. Click any evidence hash to inspect the raw artifact behind it.

Reserve Reconciliation Report — PayPal USD (PYUSD)

Period: 2026-05 (2026-05-01 to 2026-05-31)
Issuer: Paxos Trust Company · Chain: ethereum · Contract: 0x6c3ea9036406852006290770BEdFcAbA0e23A0e8
Blocks 24996368–25218797

Prepared by ProofLayer as audit-readiness support. This document is not an audit opinion, attestation, or examination under AICPA or PCAOB standards; formal examinations remain with registered public accounting firms.

1. Summary of Checks

Check	Result	Key figure
One-to-one backing	PASS	coverage 1.003896 (issuer-reported circulation, all chains)
Mint/burn reconciliation	PASS	unexplained 0.00
Supply corroboration (attested vs chain)	PASS	independent coverage 100.00%
Exceptions raised	0	0 critical/high

2. GENIUS Act § 4(a) — Statutory Mapping

Which reserve-disclosure requirement of the GENIUS Act (Pub. L. 119-27) each check in this pack evidences.

Requirement	What the statute requires	How this pack evidences it	Result
§ 4(a)(1)(A)	Maintain identifiable reserves backing the outstanding payment stablecoins on an at least 1 to 1 basis.	One-to-one backing check: examiner-attested reserves compared against total outstanding supply, independently reconstructed from raw chain data on every chain the token is issued on, at the attestation cut-off instant.^[1]	PASS coverage ratio 1.003896 (issuer-reported circulation, all chains), 100.00% independently observed
§ 4(a)(1)(C)(i)	Publish monthly the total number of outstanding payment stablecoins issued by the issuer.	Supply corroboration: the attested per-chain outstanding figures re-derived from raw chain data by an independent measurement path, at the same cut-off instant.^[1]	PASS 4/4 chains independently observed, 100.00% of attested supply
§ 4(a)(1)(C)(i)	— completeness of the same outstanding-supply figure over the reporting month.	Mint/burn reconciliation: every change in outstanding supply across the period explained by individually evidenced mint and burn transactions.^[2]	PASS unexplained difference 0.00
§ 4(a)(1)(C)(ii)	Publish monthly the amount and composition of the reserves, including average tenor and geographic location of custody of each category of reserve instruments.	Reserve assets table: the issuer's published composition transcribed line-by-line with asset class, custodian, and page-level provenance into machine-readable workpapers.^[3]	PASS 4 line items, $3,030,833,747 total
§ 4(a)(3)(A)	Have the previous month-end report examined, each month, by a registered public accounting firm. The enacted text cross-references "paragraph (1)(D)", which does not exist in § 4(a)(1); the month-end report meant is the one under (1)(C).	The examiner's month-end attestation is this pack's primary reserve evidence, hash-committed as pulled; the pack independently corroborates it rather than restating it.^[3]	PASS attestation as of 2026-05-29
§ 4(a)(3)(B)–(C)	CEO and CFO certify monthly the accuracy of the report; a knowingly false certification carries the criminal penalties of 18 U.S.C. § 1350(c).	Every figure in this pack resolves through footnotes to content-addressed source artifacts under one Merkle-root commitment — a certifying officer can verify the basis of each number independently before signing.	SUPPORTS

The GENIUS Act (Pub. L. 119-27) was enacted July 18, 2025. Under § 20 its requirements take effect on the earlier of January 18, 2027, or 120 days after the primary Federal payment stablecoin regulators issue final implementing regulations — monthly reserve disclosure of exactly this shape becomes federally mandatory.

This mapping shows which statutory requirement each check in this pack evidences. It is not a compliance determination, and ProofLayer is not a registered public accounting firm: the examination § 4(a)(3)(A) requires remains the examiner's. This pack is the verifiable workpaper layer underneath that examination and the officer certification.

3. Token Supply

	Supply (PYUSD)	Block	As of
Opening	2,411,384,919.54^[4]	24996367	2026-05-01 00:00:00+00:00
Closing	2,046,815,281.45^[5]	25218797	2026-05-31 23:59:59+00:00
Net change	-364,569,638.09

4. Reserve Assets (2026-05-29)

Description	Custodian	Class	USD	Page	Conf.
Cash — FBO authorized token holders (Federal Reserve Board regulated, US)	Commercial banks (FDIC-insured accounts)	cash	$262,423,747.00^[3]	7	1.00
Overnight reverse repurchase agreement — Bank 1 in United States, 3.62%, US Treasury collateral, matures 6/1/2026	Bank 1 in United States	overnight_repo	$1,056,226,000.00^[3]	8	1.00
Overnight reverse repurchase agreement — Bank 1 in United States, 3.55%, US Treasury collateral, matures 6/1/2026	Bank 1 in United States	overnight_repo	$108,687,000.00^[3]	8	1.00
Overnight reverse repurchase agreement — Bank 2 in United States, 3.61%, US Treasury collateral, matures 6/1/2026	Bank 2 in United States	overnight_repo	$1,603,497,000.00^[3]	8	1.00
Total reserves			$3,030,833,747.00^[3]

5. One-to-One Backing Check

Reserves back every token the issuer has outstanding, on every chain it is issued on, so coverage is measured against total circulation. The independently reconstructed figure is reported separately, against the same denominator, so the scope of our own evidence is visible rather than implied.

Outstanding supply (issuer-reported circulation, all chains)	3,019,072,414.00 PYUSD^[1]
Eligible reserves	$3,030,833,747.00
Coverage ratio	1.003896
Surplus / (shortfall)	$11,761,333.00
Independently reconstructed supply (ethereum, solana, arbitrum_one, stellar)	3,019,072,287.10 PYUSD
Share of circulation independently observed	100.00%
Coverage ratio on independently observed supply	1.003896
Memo: ethereum supply alone	2,024,494,891.23 PYUSD

Backing check evaluated at the attestation cut-off (2026-05-29T21:00:00+00:00, block 25203570) rather than period end, so supply and reserves speak to the same instant (--as-of attestation).

Coverage is reserves divided by issuer-reported circulation, all chains (3,019,072,414.00 PYUSD). Reserves back the token on every chain it is issued on, so any narrower denominator overstates coverage.

Independent reconstruction from raw chain data covers 100.00% of that circulation (ethereum, solana, arbitrum_one, stellar), so the coverage ratio is independently corroborated end to end.

6. Supply Corroboration — Attestation vs Independent Chain Data

The attestation states tokens outstanding per chain at an exact cut-off time. ProofLayer independently reconstructs supply at that same instant from raw chain data — two unrelated measurement paths compared below. Tolerance: 0.0005 of the attested figure.

Chain	Attested	Independently observed	Block / slot	Difference	Ratio	Status
ethereum	2,024,469,658.00	2,024,494,891.23^[6]	25203570	25,233.23	0.00001246	PASS
solana	665,678,613.00	665,678,486.04^[7]	423015756	-126.96	1.9E-7	PASS
arbitrum_one	321,522,018.00	321,496,784.81^[8]	468019385	-25,233.19	0.00007848	PASS
stellar	7,402,125.00	7,402,125.03^[9]	62089430	0.03	0E-8	PASS
Total attested	3,019,072,414.00	independent evidence covers 100.00% of attested supply

7. Mint/Burn Reconciliation

Total minted (523 events)	704,216,571.59^[2]
Total burned (493 events)	1,068,786,209.67^[2]
Net issuance	-364,569,638.09
Supply delta	-364,569,638.09
Unexplained difference	0.00

8. Exceptions

No exceptions raised for this period.

9. Evidence & Integrity

Every figure above carries a footnote ^[n] resolving here to the content-addressed (SHA-256) source artifacts it was computed from. See evidence_index.json for the machine-readable mapping, manifest.json for the Merkle-root commitment over all evidence and report files, and receipt.html for the human-readable verification receipt with step-by-step independent verification instructions.

	Source evidence
[1]	1708 artifacts (1 × attestation pdf, 1707 × chain api response); first three shown — complete list in evidence_index.json 002e4c3fd0ba92c6d6320cf637a7c820e25857577c0725ddd3fa9f06da4e46c9 0043faeb56942e98943eccbd78a5929f7a68fd0f4822aee72a64b58f32e22739 005671283eee4b08e95433db113618c63e96597db4252ca3fb1a2122ef06c7a6
[2]	14 artifacts (14 × chain api response); first three shown — complete list in evidence_index.json 34cab0218788fd6e8ef92613b23f0dedbb356ed9194f175ef4ef95e105b9d443 4750ec4effeb35402bbdb58f869b72169d2e7de8598ec5ebe350408a0e3e9fc5 494cc8c0f889b993c178dd1a7c48cd784e6838bbf88630501d223cc999826068
[3]	d6f9205b70101dbe4531ebc6a0ece704f7973a840af40af6739db0f889d9523e — PYUSD Redemption Assets Report as of May 11, 2026 and May 29, 2026 (Paxos Trust Company, National Association · examiner KPMG LLP · retrieved 2026-07-07 04:44:20 UTC from https://framerusercontent.com/assets/99N5QwJCmGdSIzUsGoGdLXxYI0.pdf)
[4]	8 artifacts (8 × chain api response); first three shown — complete list in evidence_index.json 34cab0218788fd6e8ef92613b23f0dedbb356ed9194f175ef4ef95e105b9d443 4750ec4effeb35402bbdb58f869b72169d2e7de8598ec5ebe350408a0e3e9fc5 494cc8c0f889b993c178dd1a7c48cd784e6838bbf88630501d223cc999826068
[5]	7 artifacts (7 × chain api response); first three shown — complete list in evidence_index.json 4750ec4effeb35402bbdb58f869b72169d2e7de8598ec5ebe350408a0e3e9fc5 494cc8c0f889b993c178dd1a7c48cd784e6838bbf88630501d223cc999826068 55f978942d372008f40c04ae370df64352c837b975305910284a0d4936d015c3
[6]	8 artifacts (1 × attestation pdf, 7 × chain api response); first three shown — complete list in evidence_index.json 4750ec4effeb35402bbdb58f869b72169d2e7de8598ec5ebe350408a0e3e9fc5 4935f98e782e923b89d5e2a54d88c9c743af5ebe0fbba20e8292fe6ff554e09a 494cc8c0f889b993c178dd1a7c48cd784e6838bbf88630501d223cc999826068
[7]	1693 artifacts (1 × attestation pdf, 1692 × chain api response); first three shown — complete list in evidence_index.json 002e4c3fd0ba92c6d6320cf637a7c820e25857577c0725ddd3fa9f06da4e46c9 0043faeb56942e98943eccbd78a5929f7a68fd0f4822aee72a64b58f32e22739 005671283eee4b08e95433db113618c63e96597db4252ca3fb1a2122ef06c7a6
[8]	7 artifacts (1 × attestation pdf, 6 × chain api response); first three shown — complete list in evidence_index.json 214ee701571f7a2aa04a8495b234bb71f28c9218ed15aa9b33d4f39a9c4a34c5 4d12ae64f4e48b4c25e82396072197158039be663ad5ca9f1c048660fb27e2b8 72d42d26f3e8c725455c45a7048cca0a4076e062f59fa50fbc045f21ed5e5156
[9]	0b8003f72234e85c75c00e310210c6d5c7ed7f09a5d0a9c9c6f73914e48a3497 — horizon.stellar.org /accounts/GAR36T67E6CUCFFWKNWK3HLD6VSMJJOL7GFDLWH34IB6HQ7KKM4RJJ4Z/operations response (Horizon REST · pulled 2026-07-08 23:29:07 UTC) 58d8990d6ba43fd55b057baaee4ac10737b9e8d0b70a14ef577a2a9f008ed4e3 — horizon.stellar.org /accounts/GC43UVIRON6YSYQJRPX3TWL52EIOBA3U72REVILBH6DNCOLEJRBMDEWZ/operations response (Horizon REST · pulled 2026-07-08 23:29:08 UTC) b77ece9b48101b9b93a3e260f1b090b6749b2f554a6c92453c5eb663dc9fe59e — horizon.stellar.org /accounts/GDQE7IXJ4HUHV6RQHIUPRJSEZE4DRS5WY577O2FY6YQ5LVWZ7JZTU2V5/operations response (Horizon REST · pulled 2026-07-09 20:09:15 UTC) d6f9205b70101dbe4531ebc6a0ece704f7973a840af40af6739db0f889d9523e — PYUSD Redemption Assets Report as of May 11, 2026 and May 29, 2026 (Paxos Trust Company, National Association · examiner KPMG LLP · retrieved 2026-07-07 04:44:20 UTC from https://framerusercontent.com/assets/99N5QwJCmGdSIzUsGoGdLXxYI0.pdf)