PayPal aims to enhance the utility of its stablecoin by making it available on the high-speed, low-cost Stellar blockchain network.
Currently offered on Ethereum and Solana, PYUSD is set to launch on Stellar once it receives regulatory approval from the New York State Department of Financial Services.
PayPal claims that PYUSD on Stellar can facilitate fast and affordable real-world payments, remittances, commerce, and micro-financing. This integration would enable the stablecoin to tap into Stellar’s extensive network of on and off ramps, providing broader access through digital wallets and connections to local payment systems and cash networks.
“As we see cross-border payments as a key area where digital currencies can deliver real-world value, collaborating with Stellar will advance this technology and benefit all users,” said May Zabaneh, VP of blockchain, cryptocurrency, and digital currency at PayPal.
Additionally, PayPal is promoting enhanced liquidity and financing options through Payment Financing or ‘PayFi’. Small and medium-sized businesses facing delayed receivables or pre-funding issues will have access to new sources of real-time working capital, disbursed in PYUSD.