TechFlow, Aug 8 — Paxios, a regulated stablecoin issuer, has published the contract address and code repository for PYUSD, the U.S. dollar-pegged stablecoin launched by PayPal. On-chain data shows that 26,905,005 PYUSD tokens have been issued so far, held by eight unique addresses.
The code repository indicates that in the event of a severe security threat, Paxos has the ability to pause transfers and approvals of PYUSD tokens. Additionally, Paxos is required to act as an asset protector, freezing or seizing assets linked to criminal parties when legally compelled, such as by court order or other legal process. It can freeze and unfreeze PYUSD balances at any on-chain address, and erase balances from frozen addresses to allow authorities to seize underlying reserve assets. However, Paxos will not initiate freezes on its own discretion, and such actions are expected to be extremely rare.
