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MoonPay, a leading crypto payment infrastructure provider, has officially integrated PayPal USD (PYUSD), the dollar-denominated stablecoin, into its platform.
The payment platform revealed that users in supported countries can now purchase the stablecoin through MoonPay using major payment methods. Although Canada is excluded from this offering. Adding PYUSD broadens MoonPay’s growing range of supported crypto assets, offering more flexibility to its users.
A Stablecoin Backed by U.S. Dollar Reserves
Paxos Trust Company issues PYUSD stablecoin, which was launched in 2023. The digital asset was designed to be fully backed by U.S. dollar deposits, short-term U.S. Treasury bills, and other cash-equivalent assets. Its primary focus is facilitating payments, providing a more stable alternative to volatile cryptocurrencies.
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The introduction of the digital asset marked the first major stablecoin offering from a traditional financial services giant. Since then, key industry players, including Venmo, have adopted PYUSD as their trading platform.
Interestingly, fintech giants Robinhood and Revoult are reportedly mulling a potential stablecoin like PayPal’s. These companies’ adoption of digital assets could further solidify their place in the digital financial ecosystem. Meanwhile, crypto firms, including Ripple and Ethena have launched their digital assets pegged to the US dollar.
PayPal’s Continued Push Into Crypto Services
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Initially rolled out on Ethereum, PYUSD has extended to other blockchains, including the Solana network. At one point, the supply of PYUSD on Solana surpassed its Ethereum counterpart. However, the supply on the Solana blockchain has since decreased, with Ethereum regaining the upper hand in terms of PYUSD circulation.
PayPal’s venture into the crypto world has not stopped at PYUSD. Recently, the company announced plans to enable U.S. business customers to buy, sell, hold, and transfer cryptocurrencies. This move signals PayPal’s strong interest in dominating the fintech space, particularly regarding digital assets.
A New Era for Stablecoins and Crypto Payments
MoonPay’s integration of PYUSD comes after MoonPay and PayPal formed a strategic partnership in May. The collaboration allowed MoonPay users to buy and sell virtual assets using their PayPal accounts. This initiative marks a significant step in making digital assets more accessible to a wider audience.
This development highlights the growing role of stablecoins in the digital economy. The digital asset is becoming integral to the digital payment landscape. In August, stablecoin market capitalization raked in an impressive $168 billion. This record shows that stablecoins are gaining significant value and popularity in the market.
In addition, major financial services providers, such as Sony, Tether, and Tron, amongst others, and countries like Hong Kong are exploring stablecoins. This increased adoption could bridge the gap between traditional finance and digital currencies, enabling smoother and more secure transactions worldwide.
