PayPal is expanding its cooperation with the Polygon network to increase adoption of its stablecoin, PYUSD.
The Block recently reported that PayPal will issue PYUSD natively on Polygon and make it available through Polygon's Open Money Stack. It is part of an effort to help companies use PYUSD more easily for global payment settlement.
Marc Boiron (마크 부아론), CEO of Polygon Labs, said, "Stablecoin utility depends on how far it can go and what it can do when it arrives." He added, "Bringing PYUSD natively into the Open Money Stack allows businesses to receive funds, move them cross-border and cash out through a single integration with compliance built in."
PayPal said the volume of stablecoin payments settled on Polygon has exceeded 2.6 trillion dollars. Revolut and Stripe also use the Polygon network. Total issuance of PYUSD, issued by Paxos, is about 3 billion dollars, well short of Tether's USDT and Circle's USDC.
Chi-gyu Hwang
delight@d-today.co.kr