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With the undisclosed investment, Paypal has secured the inclusion of PYUSD, its in-house stablecoin, in Stable’s stablechain, which is designed with this type of asset in mind. Paypal aims to increase the adoption of the asset, targeting commerce use cases first.
Paypal Announces Strategic Investment in Stable, Secures PYUSD Availability on the Stablechain
Paypal, one of the largest payment processing businesses in the world, is making investments to secure its place in a crypto-centric future. The company recently announced it is backing Stable, a stablecoin-centric chain designed to enhance the usability of these assets.
Stable, which leverages USDT as native gas, aims to ease the user experience by simplifying the barriers presented in other chains that are not designed to include stablecoins as native assets. With this move, Paypal aims to increase the adoption of PYUSD, its in-house stablecoin, in a crypto-centric commerce ecosystem.
The undisclosed investment will secure the inclusion of Paypal’s PYUSD on Stable’s blockchain, enabling non-crypto-savvy users to take advantage of Stable’s improved user experience.
In a joint statement, the companies assessed that this collaboration “sets the stage for cross-chain compatibility, on/off-ramps, and entirely new payment flows,” enhancing the adoption of digital dollars as a driver of international payments.
David Weber, Head of PYUSD Ecosystem at Paypal, reinforced the company’s work in making its stablecoin available to the broader crypto ecosystem.
Weber declared that this partnership reflected their “commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption,” stressing that Stable’s focus on ‘fast, seamless financial transactions using stablecoins’ removed traditional friction points for users.
This partnership follows Stable’s seed funding raise, led by Bitfinex, Hack VC, and others. With it, Stable secured $28 million in capital to build the rails to address the current inefficiencies of using stablecoins in non-stablecoin-designed chains.
Stable came out of stealth in June, becoming one of the first projects to propose a solution to the fragmented and costly stablecoin infrastructure present in today’s crypto markets.