Payment giant PayPal is expanding its PayPal USD (PYUSD) stablecoin to eight entirely new blockchains, seven of which are integrated through LayerZero's Stargate Hydra bridging technology.
Cryptocurrency infrastructure company LayerZero announced in a statement on Thursday that this integration will create a permissionless version of PYUSD called PYUSD0, which will be "fully interchangeable" with PYUSD and capable of achieving interoperability across different blockchains.
These blockchains include Tron, Avalanche, Aptos, Abstract, Ink, Sei, and Stable, while the existing permissionless versions on Berachain and Flow will be upgraded to PYUSD0. Another announcement released on Thursday also revealed that PYUSD has expanded to the Stellar blockchain.
Stargate Hydra will serve as the interface for PYUSD0 transfers, while LayerZero will be responsible for supporting the minting, burning, and deployment functions of PYUSD0.
This move builds on PayPal's support for Ethereum (ETH), Solana, Arbitrum, and now Stellar, making it one of the most accessible stablecoins in the cryptocurrency ecosystem.
PayPal built the first global digital payment network at the onset of the internet age. In 2023, they were the first major fintech company to launch a stablecoin with PYUSD. With PYUSD0, PayPal and LayerZero are working to drive greater availability of PYUSD across blockchains. pic.twitter.com/CWOc2CP6sA
The U.S. Treasury estimated in April that the $295 billion stablecoin market will grow to $2 trillion by 2028, with momentum for stablecoin adoption increasing. In July, the "GENIUS Act," signed by U.S. President Trump, further propelled this trend, being considered one of the most comprehensive stablecoin laws to date.
PayPal is one of several companies vying to compete with Tether and Circle in the stablecoin space. According to CoinGecko data, the market capitalizations of the latter two stand at $171.2 billion and $74.3 billion, respectively.
USDT supports 12 blockchains, while USDC operates on 25 chains.
Ethena USDe, USDS, and Dai rank in the top five, with market capitalizations ranging from $13.9 billion to $4.5 billion, while PYUSD ranks 11th with a market capitalization of $1.3 billion.
LayerZero Labs CEO Bryan Pellegrino stated, "Integrations like PayPal's clearly indicate that we are at the starting point of breaking down borders and operating in a global financial market around the clock."
"The result of this integration is to provide a better monetary experience using modern technology," he noted.
Earlier on Thursday, PYUSD was added to the Stellar blockchain, a low-fee blockchain that offers five-second finality, with a significant portion of its network usage coming from users in developing countries seeking to save in U.S. dollars.
PayPal's PYUSD is issued by Paxos and was launched in August 2023, marking PayPal's first major foray into the cryptocurrency space.
Related: MoneyGram's new app will launch in Colombia, supporting stablecoin savings and transfers
Original article: “PayPal Expands PYUSD Stablecoin to Tron, Avalanche, and 6 Other Blockchains”
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