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Injective, a popular L1 blockchain platform powering exclusive DeFi applications, has announced the latest integration. As per the platform, it is integrating Paxos and PayPal’s joint stablecoin PYUSD, turning into the earliest L1s supporting the respective token. The platform took to the social media platform X to disclose the news of this exclusive development.
Injective today is integrating PYUSD, becoming one of the first ever L1s to support the stablecoin released by PayPal & Paxos.
— Injective 🥷 (@injective) June 12, 2024
PYUSD can be onboarded from Ethereum & Solana onto Injective. dApps on Injective can utilize $PYUSD for lightning fast payments, trading, DeFi and more. pic.twitter.com/dilhamIQhX
Injective Becomes One of the Earliest L1s Backing PYUSD Stablecoin of Paxos and PayPal
In its recent social media post, Injective expressed its enthusiasm for this integration. PayPal operates as an online system of payments that permits users to receive and send money around the world. On the other hand, Paxos operates as a digital asset solution provider and blockchain platform. The company provides these facilities to the worldwide leading entities dealing with financial services.
The PayPal USD ($PYUSD) is the platform’s stablecoin that gets complete support from the $USD deposits. This means that people can purchase 1 $PYUSD with 1 $USD. Both Paxos and PayPal take the credit for releasing the well-known stablecoin. The integration of the respective coin into the Injective opens the way to several new opportunities.
The Users Can Utilize PYUSD for DeFi, Trading, and Rapid Payments
At present, the people using Injective can onboard the $PYUSD stablecoin from Solana as well as Ethereum. The platform also brought to the front that the decentralized applications can additionally leverage the stablecoin. According to the Injective, the apps can use $PYUSD for several purposes. These things deal with decentralized finance (DeFi), trading, and rapid payments.