A naukri.com initiative
TheNewsCrypto
4d
24
PayPal to Launch PYUSD on Stellar for Faster, Low‑Cost Payments
- PayPal plans to launch its stablecoin, PYUSD, on the Stellar blockchain for faster and cheaper global payments pending regulatory approval.
- Stellar's network offers fast and low-cost transactions, aiming to enhance the efficiency of cross-border payments and financial services.
- The move targets practical uses like remittances, business cash flow, and seamless cross-border transfers.
- PYUSD is already active on Ethereum and Solana, with the Stellar integration focusing on real-world utility for users and businesses.
- Stellar's infrastructure allows smoother remittances, bill payments, and day-to-day transactions across 170+ countries.
- The initiative supports payment-focused financial tools for small and mid-sized businesses, enabling instant settlement on the Stellar network.
- Stellar's low fees and quick settlement align with PayPal's goal of promoting stablecoins as practical payment options.
- The collaboration is seen as a significant step in making stablecoins more accessible and usable in everyday scenarios.
- PYUSD on Stellar awaits approval from the New York State Department of Financial Services, following a cautious approach by PayPal.
- Incorporating Stellar into its network expands PayPal's stablecoin reach, positioning it against competitors like USDC and Tether.
- PYUSD's multi-chain strategy across Ethereum, Solana, and now Stellar aims to facilitate broader adoption and usage.
- The initiative reflects a shift towards utilizing stablecoins as efficient tools for real-world transactions.
- The move necessitates regulatory approval, showcasing PayPal's commitment to compliance in its crypto endeavors.
- The collaboration with Stellar marks a strategic move in PayPal's efforts to establish a presence across multiple major blockchain networks.
- The integration on Stellar prepares PayPal to compete with established stablecoins and expands its accessibility to diverse markets.
- Financial Adviser Caught in Crypto Scam and Banned for a Decade was also highlighted in the news in the crypto space.
Read Full Article
1 Like
For uninterrupted reading, download the app