PayPal Ventures has made a strategic investment in Stable, a layer 1 blockchain network designed for stablecoin transactions.
This investment is part of Stable’s $28 million seed funding round, which also included participation from Bitfinex and Hack VC. Although the exact amount of PayPal’s investment was not disclosed, Stable users will be able to utilize PayPal’s PYUSD stablecoin for various commerce and financial transactions on the Stablechain.
David Weber, head of the PYUSD ecosystem at PayPal, stated, “This collaboration with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption. Stable’s focus on fast, seamless financial transactions using stablecoins removes traditional friction points for users.”
Currently available on Ethereum and Solana, PYUSD is set to be introduced on Stellar, pending regulatory approval from the New York State Department of Financial Services, as announced by PayPal in June.