Subject to regulatory approval, Paypal wants to deploy its stablecoin Pyusd on the Stellar blockchain (XLM). What would be the use cases of such a partnership?
Paypal Pyusd is about to land on Stellar (XLM)
About 2 years ago, Paypal embarked on the Stablecoins race with the Pyusdtoday available on Ethereum (ETH) and Solana (Sol) blockchains. From now on, the global payment giant wishes to extend this compatibility, Also deploying the Pyusd on the Stellar network (XLM).
In the announcement formalized this Wednesday, Stellar highlights its infrastructure optimized for payments, which would provide Pyusd users with access to a “vast network of entry and output gateways»On-Chain.
💲 All about the Stablecoin Pyusd of Paypal
May Zabaneh, Vice-President of the Blockchain group, cryptocurrencies and digital currencies of Paypal, stopped on the particular case of cross-border payments:
For years, the stablecoins have been considered the “killer app” of cryptocurrencies, combining the power of the blockchain with the stability of fiduciary currencies. Considering that cross -border payments constitute a key area where digital currencies can provide concrete value, collaborate with Stellar will help advance the use of this technology and offer advantages to all users.
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In addition, Stellar also shows an interest in stablecoin for its use cases in Payment Financing (PAYFI), its financing solution allowing companies to unlock liquidity by token some of their assets as guarantee.
Before an official deployment on a new network, the Pyusd will still have to pass the regulatory barrier of the New York State Department of Financial Services (NYDFS), the entity that regulates it.
In the future, It will be a question of following which this partnership will allow both the Pyusd and Stellar to stand out. Indeed, Stablecoin seems to have trouble convincing for the moment, with less than $ 970 billion in capitalization, worth an 11th place in the classification of its category of assets.
On the side of Stellar, if the network benefited from a certain popularity several years ago, other actors today shade. However, an emphasis could be put on the narrative of Stablecoins since SG Forge deployed his EURCV there last February.
👉 To go further-learn more about the Stellar blockchain (XLM)
In the meantime, the XLM is exchanged at a price of just under $ 0.26 per unit, slightly dropped by 0.8 % over 24 hours. With just over $ 8 billion in capitalization, this earned him a 16th place in the cryptocurrency ranking.
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Source: Stellar
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