Today PayPal announced plans to launch its PYUSD stablecoin on the Stellar blockchain, a network specifically designed for payments, especially cross border. However, this is subject to receiving regulatory approval from the New York Department of Financial Services (NYDFS).
The stablecoin is already available on the Ethereum and Solana blockchains and its market capitalization is just shy of a billion dollars. One of the wallets has a balance of more than $300 million, which could either represent assets owned by PayPal or Paxos, or more likely the cumulative PYUSD tokens held within PayPal wallets. The stablecoin can also be used outside the PayPal wallet for DeFi and other use cases.
This expansion to Stellar makes strategic sense given the network’s existing infrastructure. For cross border payments Stellar already has a strong network for on and off-ramps. Plus, PayPal highlighted that Stellar supports certain financing and business loan applications which could benefit users.
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