PayPal Issues PYUSD Stablecoin Natively on Polygon Network

PayPal announced Thursday it will issue its PYUSD stablecoin natively on Polygon network, expanding beyond its current availability. The move aims to increase adoption by making it easier for businesses to use PYUSD for global payment settlements through integration with Polygon's Open Money Stack. The announcement comes as the stablecoin market has become one of the most competitive segments in cryptocurrency, with major financial institutions and payment companies racing to issue USD-pegged tokens.

PayPal Integrates PYUSD with Polygon's Open Money Stack

PYUSD will now be issued natively on Polygon in addition to becoming available through Polygon's Open Money Stack. According to Polygon Labs CEO Marc Boiron, the integration is designed to streamline business operations. "A stablecoin is only as useful as the places it can go and what it can do when it gets there," Boiron said. "Bringing PYUSD natively into the Open Money Stack means a business can take money in, move it across borders, and cash it out in one integration, with compliance built in."

Polygon Network Processes $2.6 Trillion in Stablecoin Payments

According to PayPal, more than $2.6 trillion in stablecoin payments have been settled on Polygon. The network is currently used by both Revolut and Stripe. PYUSD, which is issued by Paxos, has a total supply of nearly $3 billion. This positions it far behind industry leaders Tether and Circle, which issue USDT and USDC respectively and hold the lion's share of supply and trading volume in the stablecoin market.

Paxos Issues PYUSD Under Federal Regulatory Supervision

Paxos Chief Revenue Officer Peter Jonas emphasized the regulatory framework governing PYUSD. "PYUSD is issued under a national trust charter supervised by the OCC, and bringing it natively to Polygon puts a federally regulated, dollar-backed stablecoin on one of the most active networks for stablecoin payments," Jonas said.

FAQ

What did PayPal announce about PYUSD on Thursday?

PayPal announced Thursday it will issue its PYUSD stablecoin natively on Polygon network and make it available through Polygon's Open Money Stack to facilitate easier global payment settlements for businesses.

How much stablecoin payment volume has Polygon processed?

According to PayPal, more than $2.6 trillion in stablecoin payments have been settled on Polygon network, with companies like Revolut and Stripe using the platform.

What is the current supply of PYUSD compared to other stablecoins?

PYUSD has a total supply of nearly $3 billion, which places it significantly behind industry leaders Tether (USDT) and Circle (USDC) that dominate the stablecoin market with the largest share of supply and trading volume.