PayPal (PYPL) is bringing PYUSD Stablecoin to the star blockchain network to strengthen its position as tokens where dollars are imposed in cross-border remittances and payment funds, the company said Wednesday.
Already operated by Ethereum and Solana, Pyusd will expand to the stars to explore new areas such as payment financing and “Payfi.” This will allow small businesses facing accounts receivable and pre-finance requirements to access new sources of real-time working capital paid by PYUSD, according to a press release.
That capital can be used to address supplier payments, inventory management, or other operational needs.
Stablecoins, digital tokens whose value is fixed to real-world assets, have become popular as a way to exchange for cryptocurrency without converting them into Fiat’s cash. More recently, many of this action has been about the rapid growth of cross-border remittances and other innovations in the field of payments.
“For many years, Stubcoin has been considered a cryptographic “killer app” by combining the power of blockchain with the stability of Fiat currency. You will see that digital currency is an important area where real-world value can be provided.
The partnership has been approved by the New York Financial Services Agency (NYDFS), which requires a final review of the product integration prior to publication, Stellar said in an email.
