PYUSD to BTC: Swap PayPal USD to Bitcoin, No KYC

Many people hold PayPal USD inside an app rather than on-chain. A balance there is not something you can send to a deposit address from your side; it has to be moved out first. Use the app's option to send PYUSD to an external Ethereum address, and give it the 0x address of your own wallet, such as MetaMask, Rabby or a Ledger.

Then run the swap from that wallet. This matters for two reasons. The sender address you enter here is where a refund would go, and an app's shared address cannot reliably credit a returned payment to you. And a wallet you control lets you check the transfer on Etherscan yourself.

Before you move the PYUSD, put a little ETH at the same address. The PYUSD transfer to the deposit address is an Ethereum transaction, and the gas for it is paid in ETH.

PayPal USD is not limited to one blockchain. This pair takes the ERC-20 version on Ethereum, sent from a 0x address. PYUSD on Solana is a separate coin in the exchange box with its own routes, and sending it to this deposit address would be a transfer on the wrong network.

When you copy the deposit address, check that your wallet is set to Ethereum mainnet and that the token selected is PYUSD. Wallets such as Rabby show the network beside the token, which makes this easy to confirm.

PYUSD is issued by Paxos for PayPal and is meant to hold one US dollar per token. As the issuer, Paxos can freeze PYUSD at an address. The freeze ability belongs to PYUSD itself, whoever holds it. Once the swap is done you hold bitcoin, which has no issuer.

Your payout goes to a Bitcoin address, which starts with bc1, 3 or 1. The 0x address that holds your PYUSD cannot receive BTC, so open a Bitcoin wallet such as Sparrow, Electrum or a hardware wallet and copy a fresh receive address.

If you are new to bitcoin, a few habits help. Write the wallet's seed words down on paper before the payout arrives. Check the first and last characters of the pasted address against the wallet. On a hardware wallet, compare it on the device screen too.

The payout appears as unconfirmed first and gets its first confirmation in the next block. Blocks come about every ten minutes on average, so the bitcoin side takes longer than the PYUSD deposit did. That wait is normal.

The top row is the real change. A dollar stablecoin holds its value against the dollar; bitcoin does not, and the BTC you receive can be worth more or less in dollars the next day. People make this swap precisely to take on that exposure, so size it to what you are comfortable holding in a volatile asset.

The box quotes the BTC you receive after fees, drawn from aggregated liquidity from leading crypto markets. The rate floats until your PYUSD deposit confirms on Ethereum, which takes about 2 to 5 minutes. After that, most swaps finish within minutes. Limits for PYUSD to BTC, lowest and highest, are listed in the box before you send.

Being a no-KYC crypto exchange, GhostSwap skips sign-up forms and ID uploads entirely for PYUSD to BTC. The order is built from a Bitcoin payout address, an Ethereum refund address and your deposit.

Keep in mind that Ethereum is a public ledger. The PYUSD transfer out of an app to your wallet, and from your wallet to the deposit address, are both visible on Etherscan. The bitcoin arrives on a different chain, at an address you choose.

If a swap cannot be completed, the coins are refunded to the sender address you entered. On this pair that is PYUSD on Ethereum, back at your 0x address, which is another reason to send from your own wallet.

Once created, the swap gets an ID and a live status page that follows the PYUSD and the bitcoin. Your deposit is listed on Etherscan under the token transfers for your address. The bitcoin payout can be followed on mempool.space.

If Etherscan shows the PYUSD received at the deposit address and the status has not moved for a long time, email support@ghostswap.io with the swap ID and the Ethereum transaction hash. To turn bitcoin back into PayPal USD later, use BTC 〜へ PYUSD.