FactPayPal USD (PYUSD)TUSD (TrueUSD)
Conversion spreadSnapshotISSUER 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.MINT/REDEEM FEES — TrueUSD Terms of Use, https://app.tusd.io/terms-of-use (a JavaScript app; the Terms text is served from https://app-cdn.tusd.io/static/js/4464.9b870b98.chunk.js, the same build as in August, fetched 29 September 2026): "You are responsible for all on-chain transaction costs associated with on-chain transfers of any TrueUSD. The Company does not charge any Fees for minting or redeeming any TrueUSD and does not charge any on-chain transaction fees in addition to the blockchain-specific transaction fees associated with such transfers." HOMEPAGE ECHO — https://tusd.io (fetched 29 September 2026): "Additionally, TUSD does not charge any fees for its minting and redemption." MINIMUM — Terms of Use: "We reserve the right to prohibit wire submissions of fiat currency or redemption requests of TrueUSD if the total amount submitted or requested is less than US$1,000." — a discretionary floor, not a stated hard minimum: the issuer reserves the right to REFUSE below US$1,000 rather than promising to accept at or above it. ROUNDING — Terms of Use: "All TrueUSD tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying fiat currency, upon redemption." WHAT THE FREE FEE BUYS — the same Terms: "The Platform is only intended to facilitate such mints and redemptions and the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars." and "In order to cause TrueUSD tokens to be issued or redeemed by the Company, you must be a verified customer of the Company." SILENT ON: no page loaded on 29 September 2026 states a redemption SLA, a settlement window, a banking-partner wire fee, or any maximum; no separate fee-schedule page exists. TYPED RATE (label, not a quote): spreadPct = 0 — the issuer charges no mint or redemption fee; only network gas applies.
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