PayPal has announced plans to expand the use of PYUSD on the Arbitrum blockchain. This decision will allow users to work across multiple blockchains and enhance the flexibility in managing funds.
PYUSD Terms Update
The PYUSD stablecoin section of PayPal's terms and conditions has been updated to include the Arbitrum blockchain. This announcement has not yet been made publicly.
Benefits of Arbitrum
Arbitrum, an Ethereum layer two solution, is designed to improve speed, scalability, and low fees. The expansion of PYUSD to Arbitrum aligns with the trend of stablecoins being adopted across multiple blockchains.
Overview of PYUSD
PYUSD, issued by Paxos, is dollar-pegged and backed by USD deposits, US Treasury bonds, and US Treasury repurchase agreements. PYUSD was introduced on the Ethereum blockchain in August 2023 and expanded to Solana in May 2024.
The expansion of PYUSD to the Arbitrum blockchain continues PayPal's strategy to enable digital currencies with stable values, potentially enhancing the product's competitiveness in the rapidly evolving fintech ecosystem.
