PYUSD attestation report — 2025-12
Paxos Trust (PayPal USD)'s 2025-12 attestation report, as published: the reserve composition and the report's stated as-of figures, rendered verbatim at their stated scope. This is the earliest period held for this series, so no prior-period comparison renders — that absence is stated, never estimated. Not audit evidence, and not a solvency judgment.
By Aaron Cohen
Report — 2025-12 ISSUER_ATTESTED
- issuer
- Paxos Trust (PayPal USD) · PayPal USD
- accountant
- KPMG LLP
- engagement
- examined
- standard (verbatim)
- attestation standards established by the American Institute of Certified Public Accountants
- composition as of
- 2025-12-31 (report dates: 2025-12-17, 2025-12-31)
- issued on
- 2026-01-23
- source document
- 0553a0aa48…ceb16d6c · template paxos-pyusd-na-v1
Reserve composition
| kind | line (verbatim) | amount | unit |
|---|---|---|---|
| TOTAL | Total redemption assets in United States Dollar (Exhibit B) | 3,617,530,827.000000 | USD |
| LIABILITY | Total PYUSD redeemable tokens outstanding (Exhibit A line d) | 3,604,579,180.000000 | TOKEN |
| CATEGORY | Repurchase agreements, at fair value | 2,917,823,000.000000 | USD |
| CATEGORY | Obligations of U.S. Treasury, at fair value | 624,419,620.000000 | USD |
| CATEGORY | Cash | 75,288,207.000000 | USD |
| CATEGORY | Government money market funds, at net asset value | 0.000000 | USD |
| POSITION | Ethereum | 2,658,525,742.000000 | TOKEN |
| POSITION | Solana | 936,793,792.000000 | TOKEN |
| POSITION | Stellar | 7,402,127.000000 | TOKEN |
| POSITION | Arbitrum One | 1,857,519.000000 | TOKEN |
Changes vs prior period
This is the earliest period held for this series; no prior period exists to compare against, so no changes render. Absence is stated rather than estimated.
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Last updated: Timestamps reflect the underlying data — when a figure was captured or a report was published — never when a page was built.
Frequently asked questions
What does this page show?
One issuer-published attestation report, parsed into structured rows: the reserve composition, the report's stated as-of figures, and changes against the prior captured period. Every figure renders verbatim at its stated scope, from a hash-anchored capture of the document.
How are the changes against the prior period computed?
From stored report rows only: the figure this report states against the figure the prior report states for the same normalized category. A category one side does not state renders as absent, never as zero, and a change is never a judgment of reserve quality.
What does a restated period mean?
The issuer reissued the document or a parse was corrected. The fix lands as a new record pointing at the old one, the old record stays stored and independently verifiable, and the stated reason renders verbatim — records are never edited in place.
Is this an audit or a solvency judgment?
No. ReserveBeat renders figures from the issuer's own published report, verbatim and at their stated scope. It is not an auditor, makes no attestation of its own, and states no opinion on any issuer's solvency.