PayPal’s foray into the world of stablecoins continues to expand as its U.S. dollar-pegged stablecoin, known as PayPal USD (PYUSD), is set to launch on nine additional blockchains, thanks to a strategic partnership with LayerZero. Previously, PYUSD was limited to four blockchains: Ethereum, Solana, Arbitrum, and Stellar.
LayerZero has integrated PayPal USD into its Hydra Stargate system, which enables the creation of a permissionless version called PYUSD0. This new iteration remains one-to-one interchangeable with the original stablecoin, further enhancing accessibility for users.
The expansion introduces PYUSD0 to various blockchain ecosystems, including Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron. Additionally, existing community-issued versions available on Berachain and Flow will automatically convert to the new format, ensuring a seamless transition for users.
Launched in 2023, PayPal’s PYUSD was among the first stablecoins backed by a major payments firm. The initiative aims to penetrate new markets swiftly and establish a reliable dollar-pegged stablecoin within the growing crypto economy. According to RWA.xyz data, PYUSD’s supply has surged significantly, currently standing at $1.3 billion, an increase from approximately $520 million at the start of the year.
This strategic rollout positions PayPal as a key player in the evolving landscape of digital currencies and stablecoins, fostering wider adoption and utilization across multiple blockchain networks.
