FactPayPal USD (PYUSD)frxUSD (Frax USD)
PricingSnapshotISSUER SIDE, binding terms (https://paxos.com/stablecoin-terms-conditions/ → www.paxos.com/terms-and-conditions/stablecoin-terms-conditions, “Last Modified: June 30, 2026”, fetched 29 September 2026). Fee: §2.8.2.1 “Paxos will not charge you fees for redeeming USD Stablecoins.” Minimum: §2.7.4 “Paxos may require a minimum amount for redemption, which may be updated from time to time, equal to the minimum wire fee charged by your bank for the transaction.” Rate: §2.7.1 “ALL REDEMPTIONS WILL BE ON A ONE-FOR-ONE BASIS, NOTWITHSTANDING ANY CHANGE IN THE MARKET VALUE OF THE RESERVE ASSETS BACKING USD STABLECOINS.” A reserve fee accrues to the issuer, §2.8.1.2: “We will apply a fee to reserves backing USD Stablecoins, and you agree to pay us such fee as determined by an appropriate market rate, provided that no fee will be imposed that reduces the USD Stablecoin reserves to below the amount of USD Stablecoins outstanding.” The schedule itself is NOT on this page — §2.8.1.1 defers it: “An overview of our fees is set forth in the Paxos User Guide at https://help.paxos.com or otherwise in a pricing supplement provided to you by Paxos separate from this USD Stablecoin Agreement” || RETAIL SIDE, https://www.paypal.com/us/digital-wallet/manage-money/crypto/pyusd (fetched 29 September 2026): “There are no fees to buy, sell, hold or transfer PYUSD to eligible PayPal users.” and “You can buy and sell 1 PYUSD for 1 USD on PayPal.” || RETAIL SIDE, THE FULL FEE PAGE, https://www.paypal.com/us/digital-wallet/paypal-consumer-fees (fetched 29 September 2026). Buy/sell table, general crypto: “1.00 - 74.99 USD” “2.20%”, “75.00 – 200.00 USD” “2.00%”, “200.01 – 1000.00 USD” “1.80%”, “1000.01 USD +” “1.50%”, followed by “The fees above do not apply to buying and selling PYUSD”. Transfers: “Receiving a crypto transfer” “No fee”; “Transferring crypto to another PayPal or Venmo branded cryptocurrency account” “No fee”; to an outside address “You will be charged a cryptocurrency network fee, payable in the crypto you transfer, which varies.” Bundled one-step flows ONLY: “For PYUSD, you will pay 1.5% on the USD value of the PYUSD that you transfer to your external wallet.” and “For PYUSD, you will pay 1.5% on the USD value of the PYUSD that you receive from your external wallet.” Disclosed but unquantified for PYUSD: “The exchange rate you’ll see before buying or selling crypto will also include a cryptocurrency conversion spread”. No minimum or maximum PYUSD amount is published on either PayPal page. || MARKETING HEADLINE, paxos.com/pyusd (fetched 29 September 2026): “Zero fees to convert PYUSD to USD with PayPal and Paxos”. || TYPED RATE (label, not a quote): spreadPct = 0 — i.e. a 0% spread on the par (one-for-one) redemption, resting on §2.8.2.1 and §2.7.1 above. The 1.5% applies only to the bundled one-step flows and is not typed.NO BINDING DOCUMENT PRICES MINT OR REDEMPTION. The FraxNet Terms of Service, https://net.frax.com/terms (fetched 29 September 2026; the page's "Last updated" line renders the fetch date, and the extracted text is the same 16,771 characters as in August), contain 0 occurrences of "redeem", "redemption", "minimum" and "frxUSD", and no fee table of any kind. PUBLISHED FEES — Frax documentation, https://docs.frax.com/frxusd/fiat-onramp-offramp (fetched 29 September 2026), whose "Fees" section lists exactly two items: Exchange Fee, "May be applied by Bridge.xyz during currency conversion"; RWA Liquidation Fee, "A 1 BPS conversion fee may apply if real-world assets (RWAs) are being liquidated to meet cash redemptions". Both are conditional and the exchange leg is unquantified. The same page gates the fiat route: "All users must complete Persona KYC/KYB and Bridge.xyz verification", and the only supported account types are "U.S. checking accounts" and "U.S. savings accounts". ON-CHAIN FEES AND CAPACITY (label: eth_call reads at Ethereum blocks 26,082,253-26,082,262, not page prices): the permissionless USDC route 0x4F95C5bA0C7c69FB2f9340E190cCeE890B3bd87c still returns mintFee() = 0 and redeemFee() = 0, but holds 0 USDC (totalAssets() = 0; it held 1,385,323.315876 USDC on 19 August 2026), so it cannot pay out today; the RWA routes USTB 0x5fbAa3A3B489199338fbD85F7E3D444dc0504F33, BUIDL 0xe827abf9f462ac4f147753d86bc5f91e186e4e9c and WTGXX 0x860Cc723935FC9A15fF8b1A94237a711DFeF7857 return mintFee() = 0 and redeemFee() = 1e14, i.e. 1 basis point, and require addresses "onboarded to hold BUIDL, USTB, or WTGXX" (https://docs.frax.com/frxusd/mint-and-redeem-routes); the USDB route 0xFE2Ea8dE262d956e852F12DE108fda57171a0a29 is fee-free and holds 1.538966 USDB; an AUSD route 0x537bed9200fc5a14ab56e554016753676eff12b0, added as a minter at block 25,832,426 and not listed on the routes page, charges a 1e14 (1 basis point) redeemFee and holds 35,696.844801 AUSD. frxUSD totalSupply() = 93,369,845.27. NOT A PRICE: https://docs.frax.com/frxusd still advertises "Earn 4.1% APY from Treasury yields (subject to treasury backing performance)" — the sfrxUSD/FraxNet savings product, which this page does not score.
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