by Coinstrooper Crypto Articles
Quick Take
  • PayPal launched its PYUSD in 2023 as one of the first major payments firm-backed stablecoins.
  • With LayerZero's expansion, the token aims to reach new markets more quickly and provide a dollar-pegged stablecoin within the crypto economy.
  • Currently, PYUSD has a supply of $1.3 billion, up from around $520 million at the beginning of this year, RWA.xyz data shows.
  • Read more: PayPal Adding Crypto to Peer-to-Peer Payments, Allowing Direct Transfer of BTC, ETH, Others

What Happened

Payments firm PayPal's (PYPL) U.S. dollar stablecoin is being introduced to nine more blockchains by interoperability protocol LayerZero (ZRO), expanding the token beyond the four blockchains — Ethereum, Solana, Arbitrum and Stellar — where it's natively issued.

PayPal launched its PYUSD in 2023 as one of the first major payments firm-backed stablecoins. With LayerZero's expansion, the token aims to reach new markets more quickly and provide a dollar-pegged stablecoin within the crypto economy.

Market Context

LayerZero integrated PayPal USD (PYUSD), issued by fintech firm Paxos, into its Hydra Stargate system, creating a permissionless version of the token dubbed PYUSD0 that's one-to-one interchangeable with the underlying stablecoin.

The move makes the token available on Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron, while existing community-issued versions on Berachain and Flow will convert automatically.

Why It Matters

Currently, PYUSD has a supply of $1.3 billion, up from around $520 million at the beginning of this year, RWA.xyz data shows.

Read more: PayPal Adding Crypto to Peer-to-Peer Payments, Allowing Direct Transfer of BTC, ETH, Others