According to a recent report by Bloomberg, global payments giant PayPal plans to bring its stablecoin to more of its products.
Millions of merchants will be able to use the PYUSD stablecoin later this year with the company's bill-pay product.
Ripple President Monica Long has commented that this development "sounds familiar," seemingly taking a veiled dig at PayPal.
Alex DovbnyaRipple launched its own stablecoin product in December after securing the necessary regulatory approval. The stablecoin is meant to provide liquidity within the vast Ripple ecosystem.
The total market cap of the Ripple USD (RLUSD) stablecoin currently stands at $125 million, according to CoinGecko data.
Tomiwabold OlajideAs reported by U.Today, PayPal rolled out its own stablecoin back in August 2023. Its market cap currently stands at $703 million. For comparison, stablecoin behemoth Tether (USDT) boasts a market cap of $141 billion. However, with its ambitious move, PayPal could potentially challenge the dominance of USDT.
Dan Burgin
Vladislav Sopov