As the stablecoin market booms, PayPal strengthens its presence by launching its PYUSD stablecoin on 8 new blockchains, including Tron and Avalanche. This innovative move speeds up PYUSD adoption, challenging established players like Tether and USDC.
PayPal, the payments giant, continues its push into the cryptocurrency ecosystem by expanding the availability of its PYUSD stablecoin to eight new blockchains. This expansion, executed in collaboration with the LayerZero platform, will enable PYUSD usage on networks such as Tron, Avalanche, Aptos, Abstract, Ink, Sei, and Stable.
This new permissionless version, dubbed PYUSD0, will be fully interoperable with the original PYUSD. Existing versions on Berachain (BBYUSD) and Flow (USDF) will also be upgraded to PYUSD0. Additionally, a separate announcement reveals that PYUSD is now expanding to Stellar, a low-fee blockchain widely used in developing countries.
PYUSD’s expansion comes amid strong growth in the stablecoin market, currently valued at $295 billion and projected to reach $2 trillion by 2028 according to the US Treasury. This momentum is reinforced by the adoption of stablecoin legislation, such as the recent GENIUS Act signed by President Trump.
While PayPal aims to compete with industry giants like Tether (USDT) and Circle (USDC), which dominate the market with market capitalizations of $171.2 billion and $74.3 billion respectively, PYUSD still lags behind at $1.3 billion. Nevertheless, this expansion to new blockchains demonstrates PayPal’s determination to establish itself as a major player in the stablecoin sector.
According to LayerZero Labs CEO Bryan Pellegrino, these integrations herald the advent of a borderless global financial market facilitated by modern technologies. He believes this evolution will enhance the monetary experience by offering increased fluidity in transactions.
In conclusion, the extension of PayPal’s PYUSD stablecoin to new blockchains illustrates the transformations in the crypto ecosystem and the rising influence of this payments giant in the stablecoin sector.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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