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In a significant move for blockchain adoption and stablecoin utility, PayPal's CEO has officially acknowledged a key milestone in the company's dollar-pegged stablecoin expansion: PayPal USD (PYUSD) is set to launch on the Stellar network, pending regulatory approval.
PayPal confirmed in an official release that the PayPal USD (PYUSD) stablecoin will soon be available on the Stellar network, pending regulatory approval by the New York State Department of Financial Services (NYDFS).
PayPal USD (PYUSD) would employ Stellar for new use cases, including extending everyday payments, remittances and "PayFi" solutions to millions of customers and merchants.
This marks a significant expansion for PYUSD, PayPal’s dollar-pegged stablecoin, beyond its existing presence on Ethereum and Solana.
Acknowledging the milestone, PayPal CEO Alex Chriss wrote, "PYUSD is coming to Stellar, reaching a broader group of developers and unlocking new opportunities for the stablecoin. More blockchains, greater access—and we’re not stopping now."
Expansion significant
An expansion to Stellar would provide PYUSD users with access to its wide network of on- and off-ramps, as well as expanded access via digital wallets and connections to local payment systems and cash networks.
Access to the Stellar infrastructure will improve how users utilize PYUSD in their everyday financial activities, including payments, remittances and merchant services.
In April, PayPal expanded its partnership with Coinbase to accelerate the adoption, distribution and use of the PayPal USD (PYUSD) stablecoin.
The Stellar Development Foundation (SDF), a nonprofit entity, recently celebrated the third anniversary of its partnership with MoneyGram, which has facilitated nearly $30 million in total transactions.
Vladislav Sopov
U.Today Editorial Team