PayPal's PYUSD stablecoin launches on Cardano via Wanchain

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Grafa2025/01/28 05:30

By:Mahathir Bayena

PayPal's USD stablecoin, PYUSD (CRYPTO:PYUSD), has officially expanded its reach by integrating into the Cardano (CRYPTO:ADA) ecosystem through a new cross-chain bridge developed by Wanchain (CRYPTO:WAN).

This move allows users to access PYUSD, which was initially issued on the Solana (CRYPTO:SOL) and Ethereum (CRYPTO:ETH) blockchains, on Cardano, enhancing interoperability across different blockchain networks.

Temujin Louie, CEO of Wanchain, stated that this bridge will provide users with “more options, increased flexibility and control” for transferring assets between chains.

Cardano’s decentralised finance (DeFi) ecosystem currently holds nearly $447 million in total value locked, which could foster greater synergy between networks and drive innovation in blockchain interoperability.

Earlier in January, FV Bank also integrated PayPal USD into its digital banking platform, enabling account holders to receive PYUSD directly into their USD accounts with real-time conversion.

Launched in August 2023, PYUSD is backed by U.S. dollar deposits and similar cash equivalents, with a total supply now around $515 million.

In September 2024, PayPal began allowing U.S. merchants to buy, hold, and sell cryptocurrencies directly through their business accounts.

Since its introduction, PYUSD aims to provide a stable digital asset for everyday transactions while enhancing global payments.

With this latest development, PayPal continues to position itself as a significant player in the cryptocurrency space, bridging traditional finance with decentralised finance applications.

At the time of reporting, the PayPal USD (PYUSD) price was $0.9991, the Cardano (ADA) price was $0.9505, and the Wanchain (WAN) price was $0.1787.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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