PayPal USD (PYUSD) Stablecoin Now Available for Purchase on the MoonPay Platform
- DDDOriginal
- 2024-10-03 04:38:10501browse
PayPal has announced that its stablecoin, PayPal USD (PYUSD), is now available for purchase on the MoonPay platform
PayPal’s stablecoin, PayPal USD (PYUSD), is now available for purchase on the MoonPay platform, enabling users to conduct transactions using various payment methods in all supported countries, excluding Canada.
The integration follows a strategic partnership agreement announced between the two companies in May 2024, which will also allow MoonPay users to buy and sell cryptocurrencies using their PayPal accounts.
Designed to be redeemable for U.S. dollars, PYUSD is reportedly backed 100% by dollar deposits, short-term Treasury bonds, and other cash equivalents. The stablecoin marks one of the first launches in the sector by a major financial services firm.
PYUSD, the new stablecoin from PayPal, is now on MoonPay!
? PYUSD on Ethereum (today) and Solana (soon)
? On the only on-ramp that lets you buy crypto using your PayPal account
? Available in 150 countries
Welcome to MoonPay! https://t.co/PE4c8a6tvK pic.twitter.com/6zF35dtqCp
— MoonPay ? (@moonpay) October 2, 2024
This integration serves as a significant stride toward cryptocurrency adoption within the digital payments landscape. PayPal has expressed a keen interest in capturing market share among leading fintechs operating in the digital asset industry.
PayPal USD (PYUSD) Faces Market Capitalization Loss
As the company expands its product offerings, it ultimately aims to enable its business customers in the United States to buy, sell, hold, and transfer cryptocurrencies, a strategy evidently geared toward bolstering its presence within the digital asset market. Nevertheless, the market capitalization of PYUSD has notably declined since surpassing $1 billion in August, now being valued at approximately $705 million.
One remarkable aspect of PYUSD’s expansion has been its presence on the Solana network, where its supply managed to outpace that of the competing blockchain Ethereum. However, in recent weeks, the supply of PYUSD on Solana has fallen below that on Ethereum.
PYUSD’s availability on MoonPay stands to attract more users into the crypto ecosystem, facilitating the onboarding of new customers, a goal that PayPal has been actively pursuing. Moreover, there has been growing interest from other fintechs, like Robinhood and Revolut, in developing their own stablecoins.
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