In a bid to accelerate the adoption of PayPal USD
(PYUSD), a USD-backed stablecoin issued by Paxos, Chainlink has introduced a
PYUSD Chainlink Price Feed on the Ethereum mainnet. This collaboration aims to
provide market data for PYUSD on the blockchain, promoting PYUSD stablecoin for
on-chain transactions.
PYUSD, an open and programmable stablecoin backed by
dollar deposits, US treasuries, and cash equivalents, facilitates payments and
serves as collateral for DeFi projects on Ethereum.
By integrating Chainlink Price Feeds, Paxos and
Chainlink aim to enhance the adoption of tokenized real-world assets (RWAs) and
scale on-chain finance to a global audience.
Chainlink’s security infrastructure seeks to ensure
the integrity of PYUSD data on-chain. By sourcing data from aggregators and
utilizing secure node operators, Chainlink Price Feeds offers market data
essential for establishing fast markets and bolstering liquidity in the DeFi
space.
Chainlink is a decentralized computing platform that
facilitates access to real-world data and enables high-integrity markets across
various sectors. Paxos is the issuer of regulated digital assets like PYUSD,
USDP, and PAXG. Chainlink empowers DeFi projects with data and
security, driving the adoption of PYUSD and other tokenized assets.
Last year, PayPal launched PYUSD, a
dollar-backed stablecoin designed to facilitate crypto payments. This digital
asset, fully backed by US dollar deposits and short-term US Treasuries, aims to
provide users with a stable instrument amidst the volatile crypto market.
The Functionality of PYUSD
PYUSD was launched in collaboration with PayPal and
Paxos Trust Company. Supported cryptocurrencies that can be traded with PYUSD
include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Users can acquire PYUSD through PayPal and utilize
it for peer-to-peer transfers or online purchases. Moreover, PYUSD serves as a
bridge for converting various cryptocurrencies supported by PayPal into stable
digital assets.
To ensure transparency and trustworthiness, Paxos
pledged to release monthly reports detailing the financial instruments backing
PYUSD. Additionally, PYUSD is accessible through Venmo, further expanding its
reach in the digital payments landscape.
Venmo, initially launched in 2009 and acquired by
PayPal in 2013, has seen significant growth in recent years. With over 90
million accounts in the US and $67 billion in total payment volume in the
second quarter of 2023, Venmo has become a popular choice for contactless
payments.
According to a report by Finance Magnates, its
integration of PYUSD further solidifies its position in the digital payment
market and opens new opportunities for cryptocurrency adoption among its user
base. Since its launch, PYUSD has quickly integrated into the broader
cryptocurrency market.
In a bid to accelerate the adoption of PayPal USD
(PYUSD), a USD-backed stablecoin issued by Paxos, Chainlink has introduced a
PYUSD Chainlink Price Feed on the Ethereum mainnet. This collaboration aims to
provide market data for PYUSD on the blockchain, promoting PYUSD stablecoin for
on-chain transactions.
PYUSD, an open and programmable stablecoin backed by
dollar deposits, US treasuries, and cash equivalents, facilitates payments and
serves as collateral for DeFi projects on Ethereum.
By integrating Chainlink Price Feeds, Paxos and
Chainlink aim to enhance the adoption of tokenized real-world assets (RWAs) and
scale on-chain finance to a global audience.
Chainlink’s security infrastructure seeks to ensure
the integrity of PYUSD data on-chain. By sourcing data from aggregators and
utilizing secure node operators, Chainlink Price Feeds offers market data
essential for establishing fast markets and bolstering liquidity in the DeFi
space.
Chainlink is a decentralized computing platform that
facilitates access to real-world data and enables high-integrity markets across
various sectors. Paxos is the issuer of regulated digital assets like PYUSD,
USDP, and PAXG. Chainlink empowers DeFi projects with data and
security, driving the adoption of PYUSD and other tokenized assets.
Last year, PayPal launched PYUSD, a
dollar-backed stablecoin designed to facilitate crypto payments. This digital
asset, fully backed by US dollar deposits and short-term US Treasuries, aims to
provide users with a stable instrument amidst the volatile crypto market.
The Functionality of PYUSD
PYUSD was launched in collaboration with PayPal and
Paxos Trust Company. Supported cryptocurrencies that can be traded with PYUSD
include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Users can acquire PYUSD through PayPal and utilize
it for peer-to-peer transfers or online purchases. Moreover, PYUSD serves as a
bridge for converting various cryptocurrencies supported by PayPal into stable
digital assets.
To ensure transparency and trustworthiness, Paxos
pledged to release monthly reports detailing the financial instruments backing
PYUSD. Additionally, PYUSD is accessible through Venmo, further expanding its
reach in the digital payments landscape.
Venmo, initially launched in 2009 and acquired by
PayPal in 2013, has seen significant growth in recent years. With over 90
million accounts in the US and $67 billion in total payment volume in the
second quarter of 2023, Venmo has become a popular choice for contactless
payments.
According to a report by Finance Magnates, its
integration of PYUSD further solidifies its position in the digital payment
market and opens new opportunities for cryptocurrency adoption among its user
base. Since its launch, PYUSD has quickly integrated into the broader
cryptocurrency market.
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- Source: https://www.financemagnates.com//cryptocurrency/stablecoin-pyusd-gains-momentum-paxos-and-chainlink-partner-to-accelerate-adoption/
