PayPal Set to Launch Stablecoin PYUSD on Stellar Network
PayPal’s native stablecoin, PayPal USD (PYUSD), is poised for expansion to the Stellar blockchain, contingent upon approval from the New York State Department of Financial Services (NYDFS).
- Launched in 2023, PYUSD is currently available on Ethereum and Solana.
PayPal’s Vice President of Blockchain and Cryptocurrency, May Zabaneh, highlighted the potential benefits:
“Stellar is a crypto network focused on making cross-border payments faster and cheaper. … working with Stellar will help advance the use of this technology and provide benefits for all users.”
PayPal added that PYUSD on Stellar would enable a “seamless flow of value across global markets.”
The integration aims to facilitate cross-border payments more efficiently. This development follows PayPal’s entry into the stablecoin market with PYUSD, currently issued by Paxos Trust Co.
Stablecoins, like PYUSD, are digital tokens collateralized by assets such as U.S. dollars. PYUSD is backed by cash equivalents and short-term U.S. Treasuries.
The stablecoin market is dominated by Tether (USDT) and Circle (USDC), with significant market share and high trading volumes. PYUSD ranks as the 106th largest cryptocurrency with a market capitalization below $1 billion.
