Reserve Reconciliation Report — PayPal USD (PYUSD)
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 1.497081 |
| Mint/burn reconciliation | PASS | unexplained 0.00 |
| Supply corroboration (attested vs chain) | PASS | independent coverage 100.00% |
| Exceptions raised | 0 | 0 critical/high |
2. Token Supply
| Supply (PYUSD) | Block | As of | |
|---|---|---|---|
| Opening | 2,411,384,919.54[1] | 24996367 | 2026-05-01 00:00:00+00:00 |
| Closing | 2,046,815,281.45[2] | 25218797 | 2026-05-31 23:59:59+00:00 |
| Net change | -364,569,638.09 | ||
3. 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] | ||||
4. One-to-One Backing Check
| Outstanding supply | 2,024,494,891.23 PYUSD[4] |
| Eligible reserves | $3,030,833,747.00 |
| Coverage ratio | 1.497081 |
| Surplus / (shortfall) | $1,006,338,855.77 |
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).
Issuer-reported tokens outstanding (3019072414) differs from on-chain supply (2024494891.226004) by -994577522.773996. On-chain is authoritative; the difference may be timing (report date vs block time) — investigate.
5. Supply Corroboration — Attestation vs Independent Chain Data
| Chain | Attested | Independently observed | Block / slot | Difference | Ratio | Status |
|---|---|---|---|---|---|---|
| ethereum | 2,024,469,658.00 | 2,024,494,891.23[4] | 25203570 | 25,233.23 | 0.00001246 | PASS |
| solana | 665,678,613.00 | 665,678,492.55[5] | 423015756 | -120.45 | 1.8E-7 | PASS |
| arbitrum_one | 321,522,018.00 | 321,496,784.81[6] | 468019385 | -25,233.19 | 0.00007848 | PASS |
| stellar | 7,402,125.00 | 7,402,125.03[7] | 62089430 | 0.03 | 0E-8 | PASS |
| Total attested | 3,019,072,414.00 | independent evidence covers 100.00% of attested supply | ||||
6. Mint/Burn Reconciliation
| Total minted (523 events) | 704,216,571.59[8] |
| Total burned (493 events) | 1,068,786,209.67[8] |
| Net issuance | -364,569,638.09 |
| Supply delta | -364,569,638.09 |
| Unexplained difference | 0.00 |
7. Exceptions
No exceptions raised for this period.
8. 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] |
0e42cc2c58f4f7755ef9e2129703f144422db2d846d6df38af75352c4156e30e — etherscan_v2 stats.tokensupply response a939e2d7536215db81adf2e4bf35ccc7a590b1804dbbaad8d4c89dd68db16dbb — etherscan_v2 account.tokentx response ce7c5a62213c1bb70c8696549efb5aa8d4aed1c74d80748a8c5724f1da641513 — etherscan_v2 account.tokentx response ed71c5714f7809eb3e4b3b064d86638cab475235a094ffb21c22ac2aa2b1667c — etherscan_v2 account.tokentx response f2ec16f222e139a42d8e4ea3adb3e91593665f2c1cfdd5da8177f375aa461c85 — etherscan_v2 proxy.eth_blockNumber response f312daa5a291c7eac0f232e2453b32cd14f5aeca9ac9ef2522a8eb00517e6872 — etherscan_v2 account.tokentx response |
| [2] |
0e42cc2c58f4f7755ef9e2129703f144422db2d846d6df38af75352c4156e30e — etherscan_v2 stats.tokensupply response 2b012b48b93f103b69ac8d12e1304961705f287509cc836549b259224f21f3aa — etherscan_v2 account.tokentx response a939e2d7536215db81adf2e4bf35ccc7a590b1804dbbaad8d4c89dd68db16dbb — etherscan_v2 account.tokentx response da3fe0541d6fa499b3fd6c865a3a14813f7ab2749e4b06ea0c03583c32629060 — etherscan_v2 account.tokentx response f2ec16f222e139a42d8e4ea3adb3e91593665f2c1cfdd5da8177f375aa461c85 — etherscan_v2 proxy.eth_blockNumber response |
| [3] |
d6f9205b70101dbe4531ebc6a0ece704f7973a840af40af6739db0f889d9523e — PYUSD Redemption Assets Report as of May 11, 2026 and May 29, 2026 |
| [4] |
0e42cc2c58f4f7755ef9e2129703f144422db2d846d6df38af75352c4156e30e — etherscan_v2 stats.tokensupply response 543da1a61b57a76083abacafbebbda12bd7fe26e0a6df148810b7b40563de5d6 — etherscan_v2 account.tokentx response 88c25122873e87f4150106afcc57eb8b0a1a167df49152655330e937078de74f — etherscan_v2 account.tokentx response a939e2d7536215db81adf2e4bf35ccc7a590b1804dbbaad8d4c89dd68db16dbb — etherscan_v2 account.tokentx response d6f9205b70101dbe4531ebc6a0ece704f7973a840af40af6739db0f889d9523e — PYUSD Redemption Assets Report as of May 11, 2026 and May 29, 2026 f2ec16f222e139a42d8e4ea3adb3e91593665f2c1cfdd5da8177f375aa461c85 — etherscan_v2 proxy.eth_blockNumber response |
| [5] |
007ba695a7ccdc51febd747121d4e12f15fa6cdd2c87a57fc462334c5fc63694 00e96c9ece7441ea67160044a9173b776b74bc758efaf5998000bd95ef11eef6 011453e3f738e52285477a261072128fa5c72641d6500e105eba68d4eb59d7ea |
| [6] |
72effa5c328ebafbc2bc93702abb630f7d8fdfda6f1e92521a8957d21e141553 — etherscan_v2 proxy.eth_blockNumber response 74f56a87a455f887fdea9e908479e6a3fd8a7dd807146a9c7054c4caf0923c63 — etherscan_v2 account.tokentx response 9014ebb81d4c4accad925bbd9c61f06b8f0b071c78794b483e2ef709ce4ffe29 — etherscan_v2 proxy.eth_blockNumber response a939e2d7536215db81adf2e4bf35ccc7a590b1804dbbaad8d4c89dd68db16dbb — etherscan_v2 account.tokentx response ba86f0d3dc233d45b115fe3fc06b385a0e39980159e1fde67f894f10b4d39de0 — etherscan_v2 stats.tokensupply response d6f9205b70101dbe4531ebc6a0ece704f7973a840af40af6739db0f889d9523e — PYUSD Redemption Assets Report as of May 11, 2026 and May 29, 2026 |
| [7] |
0b8003f72234e85c75c00e310210c6d5c7ed7f09a5d0a9c9c6f73914e48a3497 — https://horizon.stellar.org .? response 58d8990d6ba43fd55b057baaee4ac10737b9e8d0b70a14ef577a2a9f008ed4e3 — https://horizon.stellar.org .? response cee54c6e901973ebc04cf24493f19e9f81ebc3e86351cb8b9563119b2eba1e8c — https://horizon.stellar.org .? response d6f9205b70101dbe4531ebc6a0ece704f7973a840af40af6739db0f889d9523e — PYUSD Redemption Assets Report as of May 11, 2026 and May 29, 2026 |
| [8] |
0e42cc2c58f4f7755ef9e2129703f144422db2d846d6df38af75352c4156e30e 2b012b48b93f103b69ac8d12e1304961705f287509cc836549b259224f21f3aa a939e2d7536215db81adf2e4bf35ccc7a590b1804dbbaad8d4c89dd68db16dbb |