PYUSD Stablecoin Now on Tron, Avalanche, and Six Other Chains
TLDR
- PayPal expands its PYUSD stablecoin to eight new blockchains including Tron and Avalanche.
- The integration uses LayerZero’s Stargate Hydra bridge for improved interoperability.
- Berachain and Flow’s existing versions will upgrade to the new PYUSD0 token.
- PayPal’s PYUSD stablecoin is now available on Stellar, targeting users in developing countries.
- PYUSD continues to grow despite competition from major stablecoins like Tether and USDC.
- PayPal’s latest expansion aims to enhance its presence in the global crypto market.
PayPal’s PYUSD stablecoin is expanding to eight new blockchains. This move includes Tron, Avalanche, and six others. LayerZero’s Stargate Hydra bridge will support this expansion. The update aims to make PYUSD more interoperable across the crypto ecosystem.
PayPal’s Integration with Stargate Hydra Bridge
The expansion brings PYUSD to new blockchains including Aptos, Abstract, Ink, Sei, and Stable. Berachain and Flow’s current permissionless versions of the coin will also upgrade to PYUSD0. LayerZero’s Stargate Hydra will serve as the interface for these transfers.
LayerZero’s technology will enable minting, burning, and deployment of the PYUSD0 token. This update makes the token fully fungible with the original PYUSD, ensuring seamless interoperability. As a result, PYUSD can move freely between multiple blockchains.
The goal is to bring PayPal’s stablecoin to more users, particularly those who operate outside traditional financial infrastructure. LayerZero CEO Bryan Pellegrino said, “This integration highlights the start of a global financial market that transcends borders.”
In addition to the new integrations, PayPal has expanded PYUSD to Stellar. Stellar’s low fees and five-second transaction finality make it ideal for crypto users in developing countries. The expansion also targets people looking to save in US dollars.
PayPal’s stablecoin launched in August 2023 and has since become a major player in the market. However, its market cap of $1.3 billion still places it behind rivals like Tether and USDC. Despite this, PayPal’s PYUSD is gaining traction due to its wide support across various blockchains.
PayPal Continues to Compete with Major Stablecoins
Tether and USDC dominate the stablecoin market, with market caps of $171.2 billion and $74.3 billion, respectively. USDT supports 12 blockchains, while USDC runs on 25 different chains. Despite this, PayPal’s PYUSD stablecoin is making significant strides.
The stablecoin market continues to grow rapidly, with the U.S. Treasury projecting it could reach $2 trillion by 2028. PayPal’s ongoing efforts to expand PYUSD across multiple blockchains show its commitment to becoming a key player.a
The post PYUSD Stablecoin Now on Tron, Avalanche, and Six Other Chains appeared first on CoinCentral.
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