Scoop: PayPal's Stablecoin on the Brink, Pending Stellar Approval
PayPal Extends PYUSD Stablecoin Support to Stellar Network, Merging with Ethereum and Solana
PayPal's native stablecoin, the infamous PYUSD, is primed to conquer the Stellar blockchain, provided the green light from the New York State Department of Financial Services (NYDFS) is given. While an official timeline for the launch is yet to be revealed, industry insiders predict that the move will happen post-approval[2][3][5].
Initiated in the year 2023, PayPal's PYUSD largely aimed to shake things up in the bustling stablecoin market. Paxos Trust Co. is the digital currency's issuer, currently accessible on both Ethereum and Solana blockchains[3][5].
Stellar, a crypto network aggressively addressing the complexities of cross-border payments, stands as the 19th largest digital coin by market cap[4]. With its impressive speed and affordability, Stellar is the prime candidate to help PYUSD disrupt the financial landscape[3][5].
May Zabaneh, VP of Blockchain and Cryptocurrency at PayPal, commenting on the move, reminisced, "Stablecoins were touted as crypto's holy grail, combining the power of the blockchain with the steadiness of a fiat currency. As we observe cross-border payments showcasing significant potential for digital currencies' practical uses, partnering with Stellar will catapult the technology's progress and deliver benefits to all users."
PayPal affirms that PYUSD on Stellar will facilitate a "smooth flow of value across global markets"[3][5].
Stablecoins, digital tokens backed by non-volatile assets, typically US dollars, are a monolithic force in the crypto world. In terms of market share, Tether's USDT and Circle's USDC dominate the landscape[3][5]. Each token holds the third and seventh position, respectively, and remains among the most frequently traded tokens[3][5].
Originally, stablecoins targeted traders, offering a smoother access point to crypto transactions minus the traditional banking hurdles. But with financial heavyweights and banks expressing interest, stablecoins have gained momentum to revolutionize payments[3][5].
Edited by Andrew Hayward
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- Pending Stellar approval, PayPal's PYUSD stablecoin, issued by Paxos Trust Co., is set to transition from Ethereum and Solana blockchains to the Stellar blockchain, aiming to conquer the stablecoin market.
- With its impressive speed and affordability, Stellar, the 19th largest digital coin by market cap, is the prime candidate to help PYUSD disrupt the financial landscape.
- May Zabaneh, VP of Blockchain and Cryptocurrency at PayPal, believes that partnering with Stellar will accelerate technology's progress and deliver benefits to all users.
- PayPal affirms that the PYUSD on Stellar will facilitate a smooth flow of value across global markets, focusing on stablecoins as a monolithic force in the crypto world.
- Tether's USDT and Circle's USDC, dominating the stablecoin market with third and seventh positions in terms of market share, remain among the most frequently traded tokens.
- Originally targeted towards traders for smoother crypto transactions and avoiding traditional banking hurdles, stablecoins have since gained momentum and have the potential to revolutionize payments, with financial heavyweights and banks showing growing interest.
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