PayPal to bring stablecoin to Stellar Network
PayPal is hoping to strengthen the utility of its stablecoin by making it available on the high-speed, low-cost Stellar blockchain network.
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Already available on Ethereum and Solana, PYSUD will come to Stellar pending regulatory approval by the New York State Department of Financial Services.
PayPal says that PYUSD on Stellar can be used for fast, affordable real-world payments, remittances, commerce, and micro-financing.
The move would give the stablecoin access to Stellar's vast network of on and off ramps, providing additional access through digital wallets, and connected to local payment systems and cash networks.
"As we see cross border payments being a key area where digital currencies can provide real world value, working with Stellar will help advance the use of this technology and provide benefits for all users," says May Zabaneh, VP, blockchain, cryptocurrency, and digital currency group, PayPal.
PayPal is also touting enhanced liquidity and financing opportunities through Payment Financing or 'PayFi'. SMBs that face delayed receivables or pre-funding requirements would be able to access new sources of real-time working capital, disbursed in PYUSD.
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