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Implement PYUSD using Ethereum

Transfer and redeem PYUSD on the Ethereum network.

Following the launch of PYUSD, PayPal users can use the PayPal app to purchase PYUSD and transfer PYUSD to any ERC20 compatible wallet address. The steps to integrate PYUSD on your platform should be identical to the steps taken to implement USDP or BUSD. All Paxos-issued stablecoin smart contracts implement identical functions.

note

The following assumes you have successfully integrated other ERC20 tokens and are familiar with smart contracts and executing smart contract functions on Ethereum.

Minimum Requirements​

A minimally viable implementation of PYUSD must:

  • Allow the recipient to create an Ethereum wallet address to receive PYUSD tokens.
  • Monitor the PYUSD contract address for transfers to the recipient’s wallet address.
  • Appropriately credit the user’s balance upon confirmed transfers.
  • Allow the user to transfer PYUSD tokens back to Paxos and PayPal using the contract’s transfer or transferFrom functions.

When using transferFrom, we strongly recommend using the increaseApproval and decreaseApproval functions rather than approve. This avoids a well known attack vector in the standard approve function.

We recommend using the official PYUSD logo to differentiate PYUSD from other coins. The logo can be found here: PYUSD Logo.

PYUSD Redemption Flows​

Paxos will redeem all PYUSD tokens 1:1 for USD. To redeem a PYUSD token, users must either:

  • Transfer PYUSD to their PayPal deposit address, and then sell it using the PayPal app.
  • Transfer PYUSD to their Paxos account. PYUSD sent to deposit addresses created using the Paxos Account UI will automatically convert PYUSD to USD and credit the user’s USD balance. Paxos API users can also create, transfer, and redeem PYUSD.

Converting Crypto and Fiat to PYUSD​

See the PYUSD FAQs for methods of converting stablecoin or crypto to PYUSD.

Converting Crypto and Fiat via Smart Contract​

There is no official smart contract on-chain for converting crypto to PYUSD.

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