Stable is an institution-level stablecoin blockchain supported by the cryptocurrency exchange Bitfinex, which is integrating a stablecoin built by the major online payment platform PayPal.
According to an announcement released by Stable on Monday, PayPal Ventures has made a strategic investment in Stable, bringing the PayPal USD (PYUSD) stablecoin to Stablechain.
"Our collaboration with Stable reflects our commitment to expanding the utility of PYUSD across multiple blockchain ecosystems and driving adoption," said David Weber, head of the PYUSD ecosystem, emphasizing Stable's focus on fast and seamless financial transactions.
This news comes about two months after Stable emerged from stealth mode at the end of July, when it announced a $28 million seed round led by Bitfinex and Hack VC.
Stable is a first-layer blockchain designed for seamless financial transactions, targeting peer-to-peer payments, remittances, and cross-border transactions.
The project is closely related to Tether (USDT), the largest stablecoin in the world by market capitalization.
On its website, Stable describes its blockchain as "designed for USDT," offering real USD settlement with "sub-second finality, gas-free peer-to-peer transfers, and USDT as the native gas."
"Using USDT as the native gas token eliminates the complexity of managing volatile tokens just to transfer digital dollars," states Stable's FAQ.
In addition to USDT, according to its X account profile and website information, Stable is also associated with USDT0, a cross-chain liquidity stablecoin launched by Everdawn Labs.
It is currently unclear whether Stable uses USDT or USDT0 as its native gas token. Cointelegraph reached out to Stable but did not receive a response by the time of publication.
According to PayPal's Weber, the collaboration with Stable aims to unlock "new commercially relevant use cases" for PYUSD.
PYUSD was launched in August 2023 in partnership with Paxos and has become a significant player in the stablecoin market, although it still lags far behind Tether USDT, which has a market capitalization of $172 billion.
As of the time of writing, according to CoinGecko data, PYUSD ranks as the 11th largest stablecoin by market capitalization, valued at approximately $1.4 billion.
"We are excited to invest in Stable because they are addressing the real frontier issues of stablecoins—emerging markets, where reliable dollar-based payments can have the greatest impact," said Amman Bhasin, partner at PayPal Ventures.
PayPal did not immediately respond to Cointelegraph's media inquiry regarding its collaboration with Stable.
Related: 0G Labs Mainnet Aristotle officially launched | Aria launches IP investment platform Aria PRIME
Original article: “Bitfinex-backed Stable blockchain integrates PayPal's PYUSD stablecoin”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
