PayPal Expands Use of PYUSD Stablecoin with Arbitrum Support
- PYUSD stablecoin arrives on the Arbitrum network
- PayPal integrates Arbitrum into its crypto infrastructure
- PYUSD Expansion Strengthens Presence in DeFi
PayPal has updated the Service Terms of its cryptocurrency platform to include support for the Arbitrum network, signaling its intention to expand the use of the PYUSD stablecoin beyond the Ethereum and Solana networks, where the asset already operates. The update was made on July 16, reflecting the company's strategy to expand the interoperability of its digital asset.
Launched in August 2023, PYUSD is a US dollar-pegged stablecoin designed to facilitate payments and transfers within the PayPal ecosystem. The asset is also available on some exchanges and crypto wallets, allowing it to be traded outside the company's main platform.
The inclusion of Arbitrum offers a scalable alternative for PYUSD transactions. Arbitrum is a layer-2 solution built on the Ethereum blockchain that reduces gas fees and improves transaction speed. The network is widely adopted in decentralized finance (DeFi) projects, making it a relevant option for developers who want to operate at lower costs without leaving the Ethereum ecosystem.
With this integration, PayPal's stablecoin now has the potential to achieve greater adoption across decentralized applications operating on Arbitrum. Network diversification also tends to make the asset more attractive to users who prioritize efficiency and low transaction costs.
PYUSD's current market cap is around $844 million. The addition of Arbitrum could boost that figure as the digital currency becomes more accessible to users and developers across different blockchain platforms.
The move reinforces the movement of traditional financial sector companies towards Web3 solutions and layer 2 networks, keeping pace with the growing demand for digital assets with broad usability and DeFi-compatible infrastructure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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