PayPal Integrates PYUSD Stablecoin with Stable’s Blockchain
Stable, a blockchain designed for institutional-grade stablecoins and backed by Bitfinex, is set to integrate the PayPal USD (PYUSD) stablecoin.
According to a Monday announcement by Stable, PayPal Ventures has strategically invested in Stable to facilitate the incorporation of PYUSD onto its blockchain.
Expanding Utility Across Blockchain Ecosystems
“This work with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption,” stated David Weber, head of the PYUSD ecosystem. He emphasized Stable’s dedication to enabling fast and seamless financial transactions.
This announcement follows only two months after Stable emerged from stealth mode in late July, revealing a $28 million seed funding round co-led by Bitfinex and Hack VC.
Stable is structured as a layer-1 blockchain that focuses on smooth financial transactions, targeting peer-to-peer payments, remittances, and cross-border operations.
The project maintains a close relationship with Tether USDt (USDT), which is the largest stablecoin by market capitalization.
On its website, Stable elaborates that its blockchain is “designed for USDT,” enabling real-dollar settlements with features like “sub-second finality, gas-free peer transfers, and USDT as native gas.”
“Using USDT as the native gas token eliminates the complexity of managing volatile tokens just to move digital dollars,” notes Stable’s FAQ section.
Besides USDT, Stable is also associated with USDT0 (USDT0), a cross-chain liquidity stablecoin launched by Everdawn Labs, as mentioned in its X account bio and website information.
According to Weber from PayPal, the partnership with Stable is designed to unlock “new commerce-related use cases” for PYUSD.
PYUSD was launched in collaboration with Paxos in August 2023 and has achieved recognition as a significant player in the stablecoin market, although it still trails behind Tether’s USDT, which boasts a market cap of $172 billion.
As of now, PYUSD ranks as the 11th largest stablecoin by market cap, valued at approximately $1.4 billion, based on data from CoinGecko.
“We’re excited to invest in Stable because they’re tackling the real frontier for stablecoins, the emerging markets where reliable, dollar-based payments can have the greatest impact,” commented Amman Bhasin, a partner at PayPal Ventures.
