PayPal Expands PYUSD Stablecoin to Eight New Blockchains
- PayPal USD (PYUSD) is expanding to eight new blockchains, including Tron and Avalanche.
- The integration with LayerZero’s Stargate Hydra bridge will create a permissionless version called PYUSD0.
- PYUSD currently has a market cap of $1.3 billion, ranking it eleventh among stablecoins.
- Tether (USDT) and Circle (USDC) lead the market with caps of $171.2 billion and $74.3 billion, respectively.
- PYUSD is now also available on Stellar, enhancing its accessibility in the crypto ecosystem.
The US Treasury projects the stablecoin market could grow from $295 billion to $2 trillion by the year-end of this decade, driven by regulatory developments like the GENIUS Act signed in July.
With this expansion across multiple chains, PayPal aims to enhance the availability of PYUSD, which is now interoperable across various platforms.(Source)
