PayPal Expands PYUSD Reach to Stellar Blockchain, Boosting Global Digital Payments

PayPal has officially integrated its stablecoin PYUSD into the Stellar blockchain, strengthening its position in the global digital economy. This development means PYUSD, previously available only on the Ethereum network, is now also operational on Stellar, a platform known for its high transaction speed and low fees. The issuance of PYUSD is managed by Paxos Trust under the oversight of the New York Department of Financial Services (NYDFS). This move opens avenues for rapid transactions across over 170 countries, especially benefiting small and medium-sized enterprises. Stellar's network facilitates transfers in just 5 seconds with transaction fees of less than a cent. The timeline indicates the announcement was made in September 2023, with ongoing development expected throughout 2024 and 2025. This expansion offers significant advantages: - Businesses can facilitate international payments without traditional banks. - Individual users gain access to a stable digital dollar. - The accessibility of DeFi and Web3 solutions is enhanced worldwide. For more details, visit stellar.org.