$PYUSD Coin: Paypal Stablecoin Launches on Moonpay for Global Transactions
2024-10-03
Bittime - PayPal has just announced that its stablecoin, PayPal USD (PYUSD), can now be purchased via the MoonPay platform. This step allows users to make transactions with various payment methods in all supported countries, except Canada.
This is good news for those who want to utilize blockchain technology in everyday transactions.
PayPal and MoonPay collaboration
The integration between PayPal and MoonPay is the result of a strategic agreement announced in May 2024. With this collaboration, MoonPay users can now buy and sell various cryptocurrencies easily through their PayPal account.
This shows PayPal's commitment to expanding the reach of its services in the world of digital assets.
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Source: X (@moonpay)
PYUSD itself is designed as a stablecoin that can be exchanged for US dollars, and is claimed to be fully backed by dollar deposits, short-term government bonds and other cash equivalents.
The launch is one of the first by a major financial services company, signaling a real push for cryptocurrency adoption in the digital payments market. PayPal is showing great interest in capturing market share among the leading fintech companies operating in the digital assets industry.
PYUSD Market Cap
While PayPal continues to expand its offerings, including plans to allow business customers in the United States to buy, sell, store, and transfer cryptocurrency, there is less good news regarding PYUSD.
The market capitalization of this stablecoin has decreased significantly since previously passing the $1 billion (Rp. 15.4 trillion) mark last August, and is now estimated to be only around $705 million (Rp. 10.8 trillion).
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One interesting aspect of PYUSD's development is its availability on the Solana network, where its supply briefly exceeded that of rival blockchain Ethereum. However, in recent weeks, the supply of PYUSD on Solana has decreased below that of Ethereum, highlighting the challenges that must be faced in maintaining a position in the market.
The availability of PYUSD on MoonPay is expected to attract more users to the cryptocurrency ecosystem and simplify the registration process for new customers. This is a goal that PayPal continues to pursue.
Additionally, interest from other fintech companies, such as Robinhood and Revolut, in developing their own stablecoins is increasing, indicating that this market is increasingly attractive to various parties.
With this development, PayPal further asserts its position as one of the key players in the digital payments and cryptocurrency industry, seeking to make transactions easier for users around the world.
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