PYUSD Goes Multichain: PayPal's Stablecoin Expands to New Blockchains

PayPal's stablecoin, PYUSD, is making moves to broaden its reach. Thanks to integration with LayerZero, the interoperability protocol, PYUSD is now available on nine additional blockchains, including Tron and Avalanche.

Expanding the PYUSD Ecosystem

This expansion, facilitated by LayerZero's Stargate bridge, allows PYUSD to be used on platforms like Abstract, Aptos, Ink, Sei, Stable, and Tron. This aims to increase the utility and accessibility of the stablecoin.

David vs. Goliath in the Stablecoin Arena

While PayPal's entry into the stablecoin market is relatively recent, it faces significant competition from established players like Tether (USDT) and Circle (USDC). Despite reaching an all-time high market cap of $1.3 billion, PYUSD still lags far behind USDT's $171 billion and USDC's $74 million.

Corporate Adoption and Future Prospects

Despite its smaller market share, a recent survey suggests that PYUSD is gaining traction among corporate users, with 36% of respondents reporting its use. This positions PYUSD as a contender in the corporate stablecoin space.

Key Takeaways:

• PYUSD is expanding its availability across multiple blockchains through LayerZero integration.
• The stablecoin faces stiff competition from Tether and Circle.
• Corporate adoption is a potential growth area for PYUSD.
• PayPal is also rolling out features to send Bitcoin, Ethereum, and PYUSD peer-to-peer.

PayPal is also testing out new features to send Bitcoin, Ethereum, and PYUSD peer-to-peer with the new tool, PayPal Links.