PayPal, a global digital payment platform, announced the integration of its dollar-backed cryptocurrency PYUSD into the Stellar network.
PYUSD Integration into Stellar
PayPal is awaiting approval from the New York State Department of Financial Services to make PYUSD available on the Stellar network, alongside its current presence on Ethereum and Solana.
User Benefits
Representatives from PayPal highlighted the low cost and high-speed payment infrastructure of Stellar as a significant advantage. The Stellar integration aims to make PYUSD more accessible for users, allowing them to easily engage in daily transactions and international transfers.
Market Impact on XLM
Following the PayPal announcement, the XLM token experienced significant price fluctuations, trading between $0.345 and $0.416. Investor interest surged, aided by news of PYUSD's support in the Stellar network.
The integration of PYUSD into the Stellar network may increase the visibility of XLM and open new possibilities for using digital currencies in international financial transactions.
