PayPal new stablecoin PYUSD now available on MoonPay
MoonPay announced today that it now accepts payments for PayPal stablecoin PYUSD in all supported countries. This is excluding residents in Canada.
In a statement by the company, it said all popular payment methods, such as bank transfer, PayPal, Apple Pay, Google Pay, debit and credit cards, and Apple Pay, can now be used by users to directly purchase PYUSD via MoonPay.
What is PayPal USD
The cryptocurrency PayPal USD (PYUSD) is entirely backed by dollar reserves and is pegged to the US dollar. The entire backing of PayPal USD reserves is provided by US Treasury bonds, US dollar deposits, and comparable cash equivalents.
Paxos Trust Company, a fully chartered limited purpose trust company, is the company that issues PayPal USD. The New York State Department of Financial Services is responsible for regulatory oversight of Paxos and its products, including its expansion into new blockchains. PayPal USD can be bought or sold via PayPal and Venmo at a rate of $1.00 per PayPal USD.
PYUSD was one of the first consumer-facing stablecoins introduced by a major financial services company, and it is said that Robinhood and Revolut are considering doing the same.
MoonPay expands crypto options with PayPal integration
This announcement comes after the two companies announced a strategic integration in May 2024, which will enable MoonPay users to buy and sell cryptocurrency using their PayPal accounts. According to the announcement on May 2, MoonPay users in the US can now purchase and sell cryptocurrencies like Bitcoin using PayPal.
PYUSD now available on Solana Blockchain
In order to on-ramp users onto the blockchain network, PayPal partnered with Phantom, Paxos, and Crypto.com to launch PYUSD on Solana in May.
The PayPal USD (PYUSD) stablecoin is now available on the Solana blockchain, according to a statement made by PayPal during Consensus 2024. PYUSD's availability on the Solana blockchain facilitates cheaper and faster transactions.
PYUSD on Solana Blockchain surpasses its supply on Ethereum
Data indicates that the supply of PayPal's USD stablecoin on the Solana blockchain has surpassed that of the Ethereum network. Compared to the May launch, there are currently more than 377 million Solana-based tokens in use. Etherscan data indicated that 356 million Ethereum-based PYUSD tokens are in circulation. However, the supply of PYUSD on Solana has once again dropped below the total supply of Ethereum.
PYUSD surpasses 1 billion dollar market capitalization
According to DefiLlama, the market capitalization of PayPal's stablecoin exceeded $1 billion in August but has since fallen to about $705 million. The market capitalizations of the top two stablecoins, according to CoinMarketCap data, are almost $120 billion and $36 billion, respectively.
With a market capitalization of $733 million, PayPal is the fourth-largest centralized stablecoin issuer behind Tether (USDT), Circle (USDC), and First Digital (FUSD).
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