Payments giant PayPal is expanding its PayPal USD stablecoin across eight new blockchains, seven of which are through an integration with LayerZero’s Stargate Hydra bridge.
The integration will create a permissionless version of PayPal USD (PYUSD) — PYUSD0 — which will be “fully fungible” with the PYUSD and interoperable across blockchains, crypto infrastructure firm LayerZero said in a statement on Thursday.
Those blockchains are Tron, Avalanche, Aptos, Abstract, Ink, Sei and Stable, while existing permissionless versions on Berachain (BBYUSD) and Flow (USDF) will upgrade to PYUSD0. A separate announcement on Thursday also revealed that PYUSD has expanded to Stellar.
Stargate Hydra will serve as the interface for PYUSD0 transfers, while LayerZero will enable the minting, burning, and deployment of PYUSD0.
It builds on PayPal’s support for Ethereum, Solana, Arbitrum, and now Stellar, making it one of the most accessible stablecoins in the crypto ecosystem.
The stablecoin adoption comes as the US Treasury estimated in April that the $295 billion market would boom to $2 trillion by 2028. Momentum was boosted in July by US President Trump’s signing of the GENIUS Act, which is seen as one of the most comprehensive stablecoin laws to date.
PYUSD still way behind industry heavyweights
PayPal is one of the several stablecoin companies vying to compete with Tether (USDT) and Circle (USDC), which boast market caps of $171.2 billion and $74.3 billion, respectively, CoinGecko data shows.
USDT supports 12 blockchains, while USDC runs on 25 chains.
Ethena USDe (USDE), USDS (USDS) and Dai (DAI) round out the top five, with market caps between $13.9 billion and $4.5 billion, while PYUSD sits 11th at $1.3 billion.
Stablecoins are crypto’s “killer app,” LayerZero CEO says
LayerZero Labs CEO Bryan Pellegrino said integrations like PayPal’s “make it obvious that we are at the start of a global financial market that breaks down borders and works around the clock.”
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“The result of this integration is better money experiences utilizing modern technology,” he said.
PYUSD now also on Stellar in a separate integration
Earlier on Thursday, PYUSD was added on Stellar, a low-fee blockchain that offers five-second finality and has seen a considerable proportion of its network use from people in developing countries looking to save in US dollars.
Source: PayPal DeveloperPayPal’s PYUSD is issued by Paxos and launched in August 2023 as part of PayPal’s first major move in the crypto space.
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Source: https://cointelegraph.com/news/paypal-adds-pyusd-on-new-blockchains-layerzero?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
