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TVL $7MAPY 2.75%medium riskUpdated Feb 1, 2025

PYUSD/USDC Convex Deposit

Deposit Curve PYUSD/USDC LP tokens into Convex for boosted yields on this PayPal stablecoin pair.

ProtocolConvex
Networkethereum
SymbolCVXPYUSD-USDC
CategoryYield Vaults
Underlying Assets
PYUSDUSDCCRVCVX
Contract Address0xb7c8d9e0f1a2b3c4d5e6f7a8b9c0d1e2f3a4b5c6

What is PYUSD/USDC Convex Deposit?

This vault optimizes yields for the Curve PYUSD/USDC pool through Convex Finance. PYUSD is PayPal's USD stablecoin, bringing one of the largest fintech companies into the stablecoin ecosystem. The pool pairs PYUSD with USDC for efficient dollar-pegged liquidity.

Understanding PYUSD

PayPal USD represents traditional finance entering crypto:

  1. PayPal Backing: Issued by Paxos Trust Company for PayPal
  2. Regulatory Compliance: Fully regulated by NY DFS
  3. 1:1 USD Backing: Cash, treasuries, and cash equivalents
  4. PayPal Integration: Usable across PayPal's massive user base

PYUSD bridges 400+ million PayPal users to blockchain rails.

How PYUSD Works

PYUSD's structure:

  • Issued by Paxos (same issuer as USDP)
  • Monthly attestations of reserves
  • Redeemable 1:1 for USD through PayPal
  • ERC-20 on Ethereum

How This Vault Works

  1. Provide PYUSD and/or USDC to Curve pool
  2. Stake LP tokens in Convex vault
  3. Convex applies veCRV boost
  4. Earn fees + CRV + CVX
Yield Sources: Curve swap fees, boosted CRV emissions, CVX incentives.

Fee Structure

Convex standard fees:

  • 16% of CRV rewards
  • No deposit/withdrawal fees

PYUSD in DeFi

PYUSD's DeFi adoption:

  • Growing Curve liquidity
  • Aave integration
  • DEX availability
  • Bridge to PayPal ecosystem

cvxCRV and Yield Infrastructure

The Convex ecosystem:

  • cvxCRV represents locked CRV voting power
  • Staking cvxCRV earns trading fees
  • vlCVX holders vote on gauge weights
  • Sustainable yield for LP providers

Risk Disclosures

Centralization Risk: PYUSD is issued by Paxos for PayPal. Single corporate issuer controls supply. PayPal Risk: PYUSD depends on PayPal's continued participation. Corporate strategy changes could affect the stablecoin. Regulatory Risk: As a regulated stablecoin, PYUSD faces regulatory oversight that could constrain operations. Smart Contract Risk: Exposure to Curve, Convex, and Paxos token contracts. USDC Risk: Circle's stablecoin with its own reserve and regulatory dependencies. Adoption Risk: PYUSD is newer with less DeFi track record than established stablecoins. Impermanent Loss: Either stablecoin depegging causes LP losses.

Related Yield Vaults

USPD/USDC Convex Deposit1.34% APYDOLA/sUSDe Convex Deposit4.65% APYFRAXUSDe Convex Deposit2.50% APYYearn WETH yVault1.82% APYCurve.fi Factory Pool: stETH-ng Convex Deposit1.27% APY
Disclaimer: APY and TVL figures are based on on-chain data and may fluctuate. Past performance does not guarantee future results. DeFi investments carry smart contract, market, and liquidity risks. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.

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