Crypto in Pennsylvania: regulation, access & tax

State regulatory posture changes; figures are general guidance, not tax or legal advice. Verify current rules with Pennsylvania Department of Banking and Securities and a qualified advisor before acting.

1. #1PayPal USD (PYUSD)Provider states broad availability

   The only pool candidate whose binding terms state an insolvency treatment at all, and whose issuer resolves on a public register — OCC Charter 25379, active as of 7/31/2026 — but the issuer's legal name is wrong on the very page most buyers read, the bankruptcy-remoteness sentence lives inside an opt-in FDIC subsection, and the statutory priority it points at attaches only to a “permitted payment stablecoin issuer” status the issuer's own attested report does not claim.

   Redemption right exercised — 8/10Counterparty and insolvency rank — 7/10
2. #2USDCProvider states broad availability

   The best-documented dollar token in the pool — CUSIP-level reserve detail, a Deloitte-signed monthly examination, named repo counterparties on an SEC fund filing and a published blocklist aggregate — sold under a headline ("Always.") that Circle’s own SEC filing contradicts: outside the EEA, Circle does not redeem from anyone who is not a Circle Mint customer, and Mint is closed to individuals.

   Reserve and assurance scope — 8/10Counterparty and insolvency rank — 7/10
3. #3Ripple USD (RLUSD)Provider states broad availability

   The best-evidenced reserve in the pool sitting behind the weakest holder claim: Deloitte examines CUSIP-level T-bills at a named custodian monthly, while the binding terms tell the holder they have no property interest in any of it, no fiduciary is owed to them, and they cannot redeem unless they become an institutional Customer under a contract Ripple does not publish.

   Reserve and assurance scope — 8/10Counterparty and insolvency rank — 5/10
4. #4FDUSD (First Digital USD)Provider states broad availability

   A BVI-incorporated fintech issues FDUSD against a genuinely well-documented US T-bill reserve it tells you, in the binding terms, that you have no trust or contractual claim on.

   Reserve and assurance scope — 6/10Seizure and upgrade authority — 4/10
5. #5DAIProvider states broad availability

   DAI is the only coin in this pool with no issuer: the sole binding agreement a holder can reach names its counterparty as bare "Skybase International" with no corporate suffix, no jurisdiction and no company number, states "Skybase International is not the issuer of any tokens" and never mentions DAI — so nobody owes the holder a dollar and there is no estate to rank in. What exists instead is an immutable, un-freezable, un-upgradeable token whose mint authority is provably frozen to a single contract for all time, and whose 1:1 exit into USDC is real, permissionless, uncapped and currently free — and is a governance parameter that can be switched off in the same block it is decided.

   Seizure and upgrade authority — 5/10Redemption right exercised — 4/10
6. #6frxUSD (Frax USD)Provider states broad availability

   The live token is frxUSD, not FRAX: Frax's own governance record separated the two balance sheets and ended the 1:1 migration, and the customer-facing Terms of Service still in force on 2026-08-19 describe the retired product ('Frax is a fractional-algorithmic stablecoin'), name no legal entity, and contain the word 'redeem' zero times - while the deployed contract lets a 4-of-7 multisig burn any holder's entire balance without a single Frax document disclosing that it can.

   Redemption right exercised — 4/10Reserve and assurance scope — 3/10
7. #7USDT (Tether)Provider states broad availability

   The largest fiat-reserve stablecoin, issued by El Salvador-authorised Tether International, S.A. de C.V. under terms still governed by British Virgin Islands law — terms that expressly disclaim segregation and insurance, make the redemption right "personal to you" rather than attached to the token, gate par redemption behind a 100,000 USD minimum and a $1,000 floor fee, and whose quarterly ISAE 3000R assurance shows a quarter of the reserve in gold, bitcoin, equities, secured loans and an "Other Investments" bucket defined only as everything that is not the other categories.

   Seizure and upgrade authority — 5/10Redemption right exercised — 3/10
8. #8GHO (Aave)Provider states broad availability

   An Aave-protocol-issued dollar token with no issuing entity, no redemption right and no reserve report — its par exit is a permissionless protocol swap facility, open to any wallet at 10bp, that covers 7.6% of supply and whose predecessor was seized to zero by one governance transaction.

   Seizure and upgrade authority — 6/10Redemption right exercised — 3/10
9. #9USDeProvider states broad availability

   A BVI-issued synthetic dollar whose own binding terms say it is not a claim on the issuer, whose reserve sits in the issuer's own legal title with no trust and no fiduciary duty, and whose redemption right is withheld from every holder who is not a whitelisted market maker.

   Seizure and upgrade authority — 7/10Reserve and assurance scope — 3/10
10. #10USDS (Sky)Provider states broad availability

    USDS is a governance-issued protocol token, not an issuer liability: no legal entity owes the holder a dollar, no reserve report or third-party attestation exists at any cadence, and the only par exit is a zero-fee swap into USDC through a module Sky governance can switch off.

    Seizure and upgrade authority — 5/10Redemption right exercised — 2/10