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Creating, Transferring, and Redeeming PYUSD with Paxos APIs

Use PayPal and Paxos to create and redeem PYUSD.

Following the launch of PYUSD, PayPal users can use the PayPal app to purchase PYUSD and transfer PYUSD to external addresses, including Paxos deposit addresses. This enables PayPal users to send PYUSD to any fully onboarded Paxos User or Partner, globally, 24x7.

This guide describes how to use Paxos APIs and PayPal to:

  • create a deposit address for redeeming PYUSD,
  • transfer PYUSD from PayPal to Paxos, and
  • automatically convert PYUSD to US Dollars upon deposit.

Following the steps below will result in a PYUSD balance debited from a user’s PayPal account and credited to a Paxos Profile as fiat currency.

Step 1: Create a Deposit Address​

Using the Paxos v2 API, Create a Deposit Address. Set the following parameters:

  • profile_id: <the Profile that should be credited>
  • crypto_network: "ETHEREUM"
  • conversion_target_asset: "USD"

Sample Request​

POST 
{
    "profile_id": "b7b77d82-e6a7-4ae9-9904-36231aedf985",
    "crypto_network": "ETHEREUM",
    “Conversion_target_asset”: “USD”,
    "ref_id": "deposit_address_0",
    "metadata": {
        "my_id": "4024ee50-eefb-4f2e-85c7-e7899c0b7da5"
    }
}

Sample Response​

Note the address in the response. This is the Ethereum address to be provided to the sender in the next step.

{
    "id": "34bd61ed-cf0a-4012-8be4-d347667b6154",
    "profile_id": "b7b77d82-e6a7-4ae9-9904-36231aedf985",
    "customer_id": "9b8c9cba-801e-4418-adc0-ede709df6339",
    "ref_id": "deposit_address_0",
    "crypto_network": "ETHEREUM",
    "address": "0x89205A3A3b2A69De6Dbf7f01ED13B2108B2c43e7",
    "metadata": {
        "my_id": "4024ee50-eefb-4f2e-85c7-e7899c0b7da5"
     }
}

Step 2: Initiate the Transfer in PayPal​

To initiate a transfer of PYUSD from PayPal the sender must:

  • Login to PayPal using the desktop or mobile app.
  • Go to Finances > Crypto and select the PYUSD balance.
  • Tap the transfer icon and then “Send PYUSD”.
  • Paste the address from Step 1 and confirm the transfer.

Step 3: Paxos automatically processes the deposit and credits USD.​

Transfers from PayPal to Paxos Deposit Addresses are sent to the public blockchain. Standard processing times and gas fees apply. After the transfer is posted to the blockchain and verified, Paxos typically credits the receiving Deposit Address within 10 minutes.

PYUSD sent to deposit addresses with USD as their conversion_target_asset will be automatically redeemed and credited to the recipient’s USD balance. Once the transfer is complete, the balance can immediately be used to purchase crypto or withdrawn.

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