PayPal Expands PYUSD Stablecoin to Eight New Blockchains
- PayPal USD (PYUSD) is now available on eight additional blockchains, including Tron and Avalanche.
- Integration uses LayerZero’s Stargate Hydra bridge for cross-chain transfers and issuance.
- PYUSD’s market capitalization is approximately $1.3 billion, ranking it behind USDT ($171.2 billion) and USDC ($74.3 billion).
- The stablecoin market is projected to grow from $295 billion to $2 trillion by 2028, according to U.S. Treasury forecasts.
- Brian Pellegrino of LayerZero Labs describes stablecoins as a “killer app” for cryptocurrencies.
The expansion of PYUSD enhances its accessibility across various platforms, positioning it as a competitive player in the growing stablecoin market, which is experiencing significant growth driven by regulatory developments like the GENIUS Act.
Despite this expansion into multiple blockchains, PYUSD remains significantly smaller than leading stablecoins like USDT and USDC in terms of market cap and network coverage.(Source)
