In a bid to accelerate the adoption of PayPal USD (PYUSD), a USD-backed stablecoin issued by Paxos, Chainlink has introduced PYUSD Chainlink Price Feed on Ethereum. This integration aims to provide market data for PYUSD on the blockchain, promoting its adoption for on-chain transactions.
PYUSD, an open and programmable stablecoin backed by dollar deposits, US treasuries, and cash equivalents, facilitates payments and serves as collateral for DeFi projects on Ethereum.
PYUSD Chainlink Price Feeds
By integrating Chainlink Price Feeds, Paxos and Chainlink aim to enhance the adoption of tokenized real-world assets and scale on-chain finance globally.
Chainlink's security infrastructure seeks to ensure the integrity of PYUSD data on-chain. By sourcing data from aggregators and utilizing blockchain node operators, Chainlink Price Feeds offer market data essential for establishing fast markets and bolstering liquidity in the DeFi space, the company said in a statement published by Paxos.
Chainlink is a decentralized computing platform that facilitates access to real-world data. It provides DeFi projects with data and security, driving the adoption of PYUSD and other tokenized assets. Last year, PayPal launched PYUSD to facilitate crypto payments. This digital asset aims to provide users with a stable instrument amidst the volatile crypto market.
The Functionality of PYUSD
PYUSD was launched in collaboration with PayPal and Paxos Trust Company. The cryptocurrencies that can be traded with PYUSD include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Users can acquire PYUSD through PayPal for peer-to-peer transfers or online purchases. Besides that, PYUSD serves as a bridge for converting various cryptocurrencies supported by PayPal into stable digital assets.
To ensure transparency and trustworthiness, Paxos pledged to release monthly reports detailing the financial instruments backing PYUSD. Additionally, PYUSD is accessible through Venmo, further expanding its reach in the digital payments sector. Paxos is the issuer of regulated digital assets like PYUSD, USDP, and PAXG.
Venmo, initially launched in 2009 and acquired by PayPal in 2013, has seen significant growth in recent years. With over 90 million accounts in the US and $67 billion in total payment volume in the second quarter of 2023, Venmo has become a popular choice for contactless payments.
According to a report by Finance Magnates, its integration of PYUSD solidified the platform's position in the digital payment market and opened new opportunities for cryptocurrency adoption among its users. Since its launch, PYUSD has quickly been integrated into the broader cryptocurrency market.
This article was written by Jared Kirui at www.financemagnates.com.
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