Paxos Unveils November 2024 PYUSD Transparency Report

Paxos Releases November 2024 Transparency Report for PYUSD

According to a report by PANews, Paxos has unveiled its November 2024 transparency assessment for the stablecoin PYUSD, which offers crucial insights into its financial standing as of November 30, 2024, at 6:00 UTC+8. This detailed report presents key metrics concerning the performance and backing of PYUSD.

Circulation Metrics of PYUSD

The transparency report highlights a significant decline in the total tokens outstanding for PYUSD, which are currently circulating at approximately $539,827,757. This trend reflects an ongoing reduction in the total tokens available in the market.

Collateral Backing of PYUSD

Central to the stability of any stablecoin is its collateral backing, and the PYUSD report shines a light on the specific assets supporting it. Notably, the backing for PYUSD includes U.S. Treasury reverse repurchase agreements. The market value of this collateral stands at roughly $450,079,080, with a nominal position value recorded at around $441,254,000.

Cash Deposits as Collateral

In addition to the Treasury-backed assets, the report also brings attention to the cash deposits held as collateral for PYUSD. The report indicates that both the market value and nominal position value of these cash deposits are approximately $26,268,777. This detail further solidifies the financial backing of the stablecoin.

Total Net Assets Overview

Overall, the report presents a comprehensive picture of the net assets supporting PYUSD. The total net assets are reported to have a current market value of $551,139,357 and a nominal position value of $542,257,944. This in-depth disclosure aims to enhance transparency and provide assurance about the financial health and backing of the stablecoin.

Conclusion

Paxos's transparency initiatives play a crucial role in fostering trust and credibility within the cryptocurrency ecosystem, especially among users of stablecoins like PYUSD. By maintaining regular updates and reports, Paxos demonstrates its commitment to transparency and regulatory compliance.

For more information, visit the Paxos official website for ongoing updates and resources.