Global payment giant PayPal is taking its United States dollar-pegged stablecoin PYUSD to the Stellar (XLM) blockchain. This marks a significant expansion for the crypto asset, which is already domiciled on Ethereum (ETH) and Solana (SOL).
PYUSD on Stellar Brings Ease to SMEs Businesses
By taking PYUSD to the Stellar blockchain network, PayPal aims to strengthen the token’s position in the sector where cross-border remittances and payment financing are a priority. With the latest integration, the stablecoin will explore new areas like Payment Financing (PayFi).
Over time, small and medium-sized businesses have delayed receiving their receivables. At other times, pre-funding requirements challenge them.
According to the recently published statement, PayFi is about to eliminate these challenges. PYUSD on the Stellar blockchain will provide these entities with access to new sources of real-time working capital.
Such funds can be directed towards supplier payments and inventory management. Both companies even agreed that the capital can be used to address other operational needs with instant settlement on Stellar.
Integrating PYUSD With Top Crypto Platforms
PYUSD has been making waves across several protocols and projects within less than 2 years of its official launch. Last November, it was integrated with LayerZero’s cross-blockchain bridging protocol. This development made it easier for PYUSD holders to transfer assets seamlessly between the Ethereum and Solana blockchains.
In addition, US-licensed global digital bank FinTech Ventures (FV Bank) added PYUSD to its stablecoin services. As a result, FV Bank customers now use PYUSD for direct deposits and payments, making their transactions faster and more efficient.
RLUSD, PYUSD, and Other Stablecoins in the Spotlight
Generally, PayPal’s success with PYUSD marks a win for the broader stablecoin niche. May Zabaneh, PayPal’s vice president for blockchain, cryptocurrency, and digital currencies, recalled how stablecoins were regarded as crypto’s ‘killer app’ for a long time. The concern was that it combines the blockchain’s power with fiat currency’s stability.
Suddenly, the music changed, with cross-border remittances becoming a crucial part of the digital asset sector, especially in providing real-world value. Alongside PYUSD, Ripple-associated RLUSD is equally gaining massive traction. In April, RLUSD went live on Aave’s V3 Ethereum Core Market, giving the stablecoin a stronger foothold in the Decentralized Finance (DeFi) niche.
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