What happened?
PayPal USD (PYUSD), a U.S. dollar-backed stablecoin, is now live on the Stellar network. This announcement was made at the Stellar Meridian event in Rio de Janeiro and marks a significant milestone for PayPal and Stellar. The integration extends PYUSD’s accessibility across various wallets, platforms, and global payment use cases.
Who does this affect?
This move affects millions of users on platforms such as Bitcoin.com, Chipper Cash, Decaf, Arculus, Meru, CiNKO, COCA, and Lobstr, among others, who now have access to a stablecoin option designed for low-cost payments. Additionally, PYUSD on Stellar benefits small and medium-sized businesses by offering near-instant settlement and real-time working capital opportunities.
Why does this matter?
The integration of PYUSD into Stellar’s network matters because it demonstrates PayPal’s growing presence within the stablecoin ecosystem. This offers consumers and enterprises a digital currency that bridges traditional finance with blockchain-powered efficiency. Further, it signifies Stellar’s increasing role in digital payments, setting the stage for broader adoption and innovation in the realm of stablecoins.