PayPal appears to add Arbitrum support for PYUSD stablecoin alongside Ethereum and Solana, website terms show
Quick Take An update to PayPal’s cryptocurrency terms dated July 16 adds Arbitrum to the list of networks supporting PYUSD, alongside Ethereum and Solana. The stablecoin was launched in August 2023 on Ethereum and expanded to Solana last year.
The PayPal USD stablecoin appears to be going live on the Ethereum Layer 2 network Arbitrum, according to an update to the payment giant's cryptocurrency terms and conditions on Wednesday.
The "PYUSD Stablecoin" section of the terms now reads, "One of the Crypto Assets that PayPal supports is PYUSD, a U.S. dollar-denominated stablecoin. PYUSD is issued by Paxos, not PayPal, on each of the Ethereum, Solana, and Arbitrum cryptocurrency networks."
The page was last updated on July 16, and Arbitrum was missing from the same section in the previous archived version of the page, dated July 11, according to the Internet Archive's Wayback Machine. The "Transaction Limits" section now also includes a reference to PYUSD on Arbitrum, which was not previously included.
PayPal has yet to announce the news publicly. The Block reached out to the company for comment.
Expanding beyond Ethereum and Solana
PayPal USD first launched in August 2023 on Ethereum in conjunction with issuer Paxos, fully backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," PayPal CEO Dan Schulman said at the time. "Our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD."
The stablecoin later expanded to Solana in May 2024, designed to further PayPal's goal of enabling a digital currency with a stable value designed for commerce and payments, the firm said.
Paxos itself expanded to Arbitrum in September 2024 with plans to bring its tokenization platform to the network.
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.
You may also like
Mars Finance | "Machi" increases long positions, profits exceed 10 million dollars, whale shorts 1,000 BTC
Russian households have invested 3.7 billion rubles in cryptocurrency derivatives, mainly dominated by a few large players. INTERPOL has listed cryptocurrency fraud as a global threat. Malicious Chrome extensions are stealing Solana funds. The UK has proposed new tax regulations for DeFi. Bitcoin surpasses $91,000. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively updated by the Mars AI model.
How much is ETH really worth? Hashed provides 10 different valuation methods in one go
After taking a weighted average, the fair price of ETH exceeds $4,700.
Dragonfly partner: Crypto has fallen into financial cynicism, and those valuing public blockchains with PE ratios have already lost
People tend to overestimate what can happen in two years, but underestimate what can happen in ten years.
Balancer Rallies to Recover and Redistribute Stolen Funds After Major Cyber Attack
In Brief Balancer plans to redistribute $8 million to users after a massive cyber theft. The recovery involved crucial roles by white-hat researchers rewarded with 10% incentives. Unclaimed funds will undergo governance voting after 180 days.
Trending news
MoreCrypto prices
More
