Paypal Ventures Invests In New Stablecoin Project Tied To Bitfinex

(MENAFN- Crypto Breaking) Stable, a prominent stablecoin platform backed by major cryptocurrency exchange Bitfinex , has announced integration of PayPal 's latest stablecoin, PYUSD, onto its blockchain network. This move represents a strategic partnership facilitated through a recent investment from PayPal Ventures, aimed at expanding the utility of PYUSD across multiple blockchain environments.

David Weber, head of the PYUSD ecosystem, emphasized the importance of this collaboration, stating,“Our work with Stable underscores a commitment to broadening PYUSD's reach and fostering adoption by enabling fast, seamless transactions.” The partnership seeks to leverage Stable's blockchain technology to support real-time, cross-border payments and peer-to-peer transfers, aligning with the broader goal of simplifying digital financial transactions in the evolving crypto markets.

Stable's emergence comes roughly two months after the company, which is closely tied to Tether and USDT, announced a $28 million seed round. The project describes its layer-1 blockchain as optimized for USDT and other stablecoins, offering near-instant finality, gas-free transfers, and native USDT as a gas token, which reduces the complexity associated with managing volatile assets during transfers.

Stable FAQ. Source: Stable

Although it remains unclear whether Stable's native gas tokens are USDT or the cross-chain stablecoin USDT0-an asset introduced by Everdawn Labs-stablecoin enthusiasts and industry experts are monitoring how Stable's technology will integrate with existing blockchain ecosystems. Cointelegraph reached out to Stable for clarification but received no response at publication.

Expanding Use Cases for PYUSD

PayPal 's Weber highlighted the potential of this integration, noting that it will unlock new commerce-oriented use cases for PYUSD, which was launched in collaboration with Paxos in August 2023. Despite its rapid growth, PYUSD remains overshadowed by Tether's USDT, which dominates the stablecoin market with a valuation exceeding $170 billion.

Source: Stable

Market data shows PYUSD ranks as the 11th largest stablecoin, valued at approximately $1.4 billion. PayPal Ventures' investment reflects a broader trend of major financial players increasingly participating in the blockchain space, aiming to facilitate reliable dollar-pegged transactions in emerging markets and beyond.

While representatives from PayPal did not immediately comment on the specifics of their collaboration with Stable, industry insiders see this as a significant step toward integrating traditional finance with decentralized ledger technology, further strengthening the role of crypto regulation and stablecoins in the rapidly expanding blockchain ecosystem.

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