FactPayPal USD (PYUSD)USDe
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.ISSUER FEES: NIL, STATED. USDe Terms and Conditions (https://docs.ethena.fi/resources/usde-terms-and-conditions.md, "Last Updated: August 2025", fetched 29 September 2026), section 12 "Fees; Authorization": "Except as disclosed to you prior to completing a transaction as a Mint User, Ethena BVI will not charge you any fees for tokenizing assets for USDe, or receiving USDe. Any cost of executing a mint or redemption transaction is a cost reimbursement to cover friction such as blockchain gas fees or execution fees paid by Ethena BVI." USDe Mint User Agreement (https://docs.ethena.fi/resources/usde-mint-user-agreement.md, "Last Updated: August 2025", fetched 29 September 2026), section 9 "Fees": "The Company may charge fees in connection with the Services, which will typically not represent fees for the Company’s own account and will constitute reimbursements for costs associated with transactions initiated by you, such as blockchain gas fees and execution fees." and "The applicable Digital Currency network may charge a fee in connection with blockchain transactions. You are responsible for all such fees." MINIMUMS: THE PAGES ARE SILENT. Neither binding document publishes a mint or redemption minimum; re-searched 29 September 2026, "minimum" still appears exactly once in each document, in both cases as severability boilerplate. What replaces a published minimum is a published discretion, Mint User Agreement section 12 "Transaction Limits": "The Company reserves the right to change the mint, redemption, transfer, and velocity limits as we deem necessary." and "We may establish individual or aggregate transaction limits on the size or number of mints, redemptions, transfers or other transactions that you initiate using your status as a Mint User during any specified time period." Unlike Tether, which publishes a 100,000 USD floor and a redemption fee a reader can price, Ethena publishes no number at all — access is gated by whitelisting, not by a posted ticket size. CONVERSION RATE ON THE WAY IN, Terms section 13 "Currency Conversion": "All tokenizations of assets will be credited in USDe to your whitelisted wallet(s) based on a rate of one (1) USDe per 1 USD ($1) of notional value", with that value set as follows: "Such value shall be calculated by Ethena BVI based on the asset in its sole discretion". NOTE FOR THE CARD: a zero issuer fee is not a cheap product here — it is a fee schedule for a counterparty class the retail reader cannot join (Terms section 2: "If you are a Holding User, you do not have a right to redeem USDe with Ethena BVI."). The retail cost of entry and exit is the market spread, which this spec grades at zero.
Asset coverageEditorial——
Region fitSnapshotglobalglobal
