Unlike conventional systems using a fixed-location antenna, the channel capacity of the pinching-antenna system (PASS) is determined by the activated positions of pinching antennas. This article characterizes the capacity region of multiuser PASS, where a single pinched waveguide is deployed to enable both uplink and downlink communications. The capacity region of the uplink channel is first characterized. \romannumeral1) For the single-pinch case, closed-form expressions are derived for the optimal antenna activation position, along with the corresponding capacity region and the achievable data rate regions under time-division multiple access (TDMA) and frequency-division multiple access (FDMA). It is proven that the capacity region of PASS encompasses that of conventional fixed-antenna systems, and that the FDMA rate region contains the TDMA rate region. \romannumeral2) For the multiple-pinch case, inner and outer bounds on the capacity region are derived using an element-wise alternating antenna position optimization technique and the Cauchy-Schwarz inequality, respectively. The achievable FDMA rate region is also derived using the same optimization framework, while the TDMA rate region is obtained through an antenna position refinement approach. The analysis is then extended to the downlink PASS using the uplink-downlink duality framework. It is proven that the relationships among the downlink capacity and rate regions are consistent with those in the uplink case. Numerical results demonstrate that: \romannumeral1) the derived bounds closely approximate the exact capacity region, \romannumeral2) PASS yields a significantly enlarged capacity region compared to conventional fixed-antenna systems, and \romannumeral3) in the multiple-pinch case, TDMA and FDMA are capable of approaching the channel capacity limit.