PayPal Ventures has made a strategic investment in Stable, a layer 1 blockchain network designed for stablecoin transactions, as part of an initiative to expand the distribution and utility of PayPal USD (PYUSD) across multiple blockchain ecosystems. PayPal’s dollar pegged stablecoin has reached a market capitalization of $1.37 billion.
The integration leverages LayerZero’s bridging technology to connect blockchains programmatically. Stable is one of seven new blockchains that PYUSD now reaches in addition to its native issuance on Arbitrum, Ethereum, Solana and Stellar. The collaboration aims to provide cross chain compatibility and onramp capabilities for PYUSD, potentially unlocking new applications across different blockchain networks.
The move may fit in with a broader trend among major stablecoin issuers toward building dedicated blockchain infrastructure. Circle is developing its Arc blockchain, Ripple founded the XRP Ledger and has its RLUSD stablecoin, and Stripe owns stablecoin infrastructure firm Bridge while developing the Tempo blockchain. Stable initially received investment from Tether affiliate Bitfinex and uses Tether for gas. Hence, it was viewed as the Tether blockchain. But the PayPal investment might counter that positioning.
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