PayPal Invests in Stable to Enhance PYUSD Utility and Adoption
- PayPal Ventures invested in Stable’s funding round to boost the adoption of PayPal USD (PYUSD).
- Stablechain, the blockchain by Stable, facilitates stablecoin payment settlements using USDT as its native gas token.
- PYUSD is pegged at a ratio of 1:1 to the U.S. dollar, backed by reserves including U.S. Treasuries.
- PayPal plans to enable merchants to accept over 100 cryptocurrencies for payments.
- Stable recently raised $28 million in seed funding from investors like Bitfinex and Hack VC.
This partnership aims to expand the use of stablecoins in emerging markets and enhance digital payment solutions through collaboration between PayPal and blockchain firms.
The investment highlights a strategic focus on increasing PYUSD’s utility, particularly through new payment channels enabled by Stablechain’s infrastructure.(Source)
