PayPal Expands PYUSD Stablecoin to Stellar, Joining Ethereum and Solana
Summary
PayPal's stablecoin, PayPal USD (PYUSD), is set to launch on the Stellar blockchain, pending approval from the New York State Department of Financial Services. PYUSD, issued by Paxos Trust Co., is already available on Ethereum and Solana. Stellar aims to enhance cross-border payment efficiency. PayPal's VP of Blockchain and Cryptocurrency, May Zabaneh, highlights stablecoins as crucial for combining blockchain power with fiat stability, particularly in cross-border payments. PYUSD, backed by cash equivalents and short-term treasuries, ranks as the 106th largest cryptocurrency. The stablecoin market is dominated by Tether's USDT and Circle's USDC.
