Expansion of PayPal's stablecoin, PYUSD, to include eight additional blockchain networks announced.
PayPal's stablecoin, PayPal USD (PYUSD), has seen substantial growth, now being accessible on nine additional blockchains apart from its original ones. This move aims to enhance the reach and accessibility of PayPal's digital marketing currency.
The new permissionless version of the token, PYUSD0, will be introduced on these networks, ensuring compatibility with the existing PYUSD across all blockchains. PYUSD0 is fully fungible and interoperable with native PYUSD, making it a versatile choice for users.
One of the key benefits of this expansion is the ability for cross-chain transfers without relying on centralized exchanges or banks. This feature is made possible through the integration of PYUSD with LayerZero, a cross-chain messaging protocol, and key infrastructure partners such as LayerZero and Stargate.
The expansion includes the Binance Smart Chain, Flow, Tron, Avalanche, Sei, Abstract, Aptos, Ink, and Stable blockchains. The upgrade of existing bridge versions on Binance Smart Chain and Flow ensures continued support for PYUSD on those networks, and the upgrade to the new standard allows for a seamless transition.
This expansion opens up access to more than 50 financial markets directly from an EXANTE account, including NASDAQ, London Stock Exchange, and Tokyo Stock Exchange. Users can now access these markets from their EXANTE account, thanks to the upgrade on Binance Smart Chain and Flow, which enables access to more financial markets.
Another significant advantage of PYUSD0 is its redeemability. Regardless of the blockchain it is on, PYUSD0 can be redeemed 1:1 for US dollars, maintaining the stability of the digital marketing currency. This feature ensures that users can always convert their PYUSD0 back to US dollars at any time.
In summary, the expansion of PayPal's stablecoin to multiple blockchains represents a significant step forward in making digital currencies more accessible and versatile. With its interoperability, cross-chain transfer capabilities, and redeemability, PYUSD0 is poised to become a popular choice for users seeking a stable and convenient digital marketing currency.
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