Latest news with #MayZabaneh
Yahoo
3 days ago
- Business
- Yahoo
PayPal seeks to launch USD stablecoin on Stellar
PayPal has revealed plans to make its USD stablecoin, PYUSD, available on the Stellar network, pending regulatory approval from the New York State Department of Financial Services. The deployment is intended to capitalise on the network's attributes, including 'fast, low-cost payments' to facilitate payments and financial services, the payments firm said in a statement. The Stellar network is known for its 'speed, low transaction costs', which could be leveraged by PYUSD to provide an alternative to networks such as Ethereum and Solana. The integration is expected to enhance PYUSD's utility for various financial operations, including cross-border payments and micro-financing. PYUSD users would gain access to Stellar's network of entry and exit points, aiming to improve the usability of the stablecoin for everyday financial transactions. This includes services from payments to remittances and merchant services. Additionally, PYUSD on Stellar could offer new liquidity and financing opportunities through Payment Financing or 'PayFi'. This allows for instant settlement on the Stellar network, which businesses could use for operational needs such as paying suppliers or managing inventory. Blockchain, Cryptocurrency, and Digital Currency Group vice president May Zabaneh said: '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." Stellar Development Foundation CEO Denelle Dixon stated: 'By bringing PYUSD to 170+ countries, we're transforming stablecoins into practical financial tools that millions of everyday users and merchants can actually use. Together, we are bringing stable digital currency to small businesses and individuals in emerging markets all over the globe." This announcement follows a recent partnership between Mastercard and PayPal, which aims to expand payment choices for users at checkout. "PayPal seeks to launch USD stablecoin on Stellar " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
3 days ago
- Business
- Finextra
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. 0 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.
Yahoo
3 days ago
- Business
- Yahoo
PayPal Brings Its Stablecoin to Stellar for Cross-Border Remittances, Payments Financing
PayPal (PYPL) is bringing its PYUSD stablecoin to the Stellar blockchain network to strengthen the dollar-pegged token's position in cross-border remittances and payment financing, the companies said on Wednesday. PYUSD, which already operates on Ethereum and Solana, will expand to Stellar to explore new areas like payment financing, or "PayFi". This allows small and medium-sized businesses that face delayed receivables or pre-funding requirements to access new sources of real-time working capital, disbursed in PYUSD, according to a press release. That capital can be used to pay suppliers, manage inventory or address other operational needs with instant settlement on Stellar, the companies said. Stablecoins, digital tokens whose value is pegged to a real-world asset, rose to popularity as a way to trade in and out of cryptocurrencies without having to convert to fiat cash. More recently, much of the action has been on the rapid growth of cross border remittances and other innovations within the payments arena. "For years, stablecoins have been deemed crypto's 'killer app' by combining the power of the blockchain with the stability of fiat currency. 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," said May Zabaneh, PayPal's vice president for blockchain, cryptocurrency and digital currencies. The partnership announcement has been approved by the New York Department of Financial Services (NYDFS), which requires a final review of the product integration before going live, Stellar said via email. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
