PYUSD is a fiat stablecoin issued by PayPal and custodied by Paxos.
PYUSD is a low-cap, fully collateralized asset. This asset depends on a centralized entity for custody services.
PYUSD is a stablecoin that trades within 50bps of its peg to USD, which makes it a less volatile store of value.
PayPal USD has no dependencies.
PYUSD has an uncapped supply but has inflation control or burn mechanisms in place.