The payments giant’s venture arm has taken an equity stake in Stable, paving the way for PYUSD to go live on the network. PayPal executives said the goal is to expand the token’s utility and open the door to new commerce applications across multiple blockchains.
Stable only emerged from stealth this summer, raising $28 million in a seed round co-led by Bitfinex and Hack VC. Its focus is creating a high-speed settlement layer designed to make stablecoin payments practical for day-to-day use, from peer-to-peer transfers to cross-border remittances.
The blockchain positions itself as being “built for USDT,” with transactions settled in real dollars, near-instant confirmation, and USDT serving as the native gas token. That approach aims to remove the friction of paying fees in volatile assets just to move digital dollars.
Bringing PayPal USD into the mix aligns with Stable’s mission of seamless settlement and offers PayPal a new venue for adoption. David Weber, who oversees the PYUSD ecosystem, said the integration underscores PayPal’s commitment to spreading PYUSD across multiple chains while unlocking “new commerce-related use cases.”
PayPal Ventures partner Amman Bhasin added that Stable’s focus on emerging markets made the project an attractive investment, citing the outsized impact that reliable dollar-denominated payments can have in regions where traditional banking is limited.
PYUSD launched in August 2023 with Paxos as issuer. While still relatively small compared with Tether’s $172 billion USDT, the token has grown steadily to a $1.4 billion market cap, making it the eleventh-largest stablecoin.
By planting its stablecoin on Stablechain, PayPal is betting on a network built for speed, simplicity, and integration with Tether’s ecosystem — potentially boosting PYUSD’s visibility in one of crypto’s fastest-growing arenas.
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