PayPal launched the dollar stablecoin PYUSD back in 2023 on the Ethereum (ETH), Solana (SOL), and Cardano (ADA) networks, and now plans to make it available on the Stellar network. This blockchain will also be used by the French bank Societe Generale for its EUR CoinVertible (EURCV) stablecoin.
The Stellar network is known for its high speed and low transaction costs. The integration is expected to improve the experience of using PYUSD for various financial transactions, including international payments and microfinance. Also, PYUSD on Stellar will receive new liquidity and financing options through Payment Financing (PayFi).
This will enable instant payments on the Stellar network in more than 170 countries. Businesses will be able to use this capability for operational needs, such as paying suppliers or managing inventory.
But regulatory approval from the New York State Department of Financial Services is still pending.
Source: Stellar
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