ARBITRUM (ARB) Sees 10% Surge Following PayPal's Stablecoin Expansion

The digital currency Arbitrum (ARB) has seen a price increase of more than 10% over the last 24 hours. This surge followed PayPal's announcement of expanding its stablecoin PYUSD to the Arbitrum layer 2 network. The PYUSD stablecoin, issued by Paxos and backed by US dollars, was previously active on Ethereum and Solana networks. With its addition to Arbitrum, users are expected to benefit from faster and cheaper transactions on this network, which is the largest layer 2 Ethereum network by total value locked. This expansion could promote wider adoption of PYUSD and attract new users, as past instances of PayPal extending PYUSD to Solana contributed to rapid market value growth. Many analysts anticipate a similar positive impact on the Arbitrum ecosystem and ARB's price, although some remain cautious about the demand sustainability for stablecoins.