Arbitrum's ARB Surges After Appearing Among Supported Chains for PayPal's $850M PYUSD Stablecoin

Ethereum scaling network Arbitrum's token {{$ARB}} is gaining on Thursday as speculation swirled that the network could be next where PayPal's U.S. dollar stablecoin {{$PYUSD}} will be deployed.

The network was recently added to PayPal's cryptocurrency terms and conditions webpage as a supported chain for $PYUSD, alongside Ethereum and Solana

where the token is already live.

"$PYUSD is issued by Paxos, not PayPal, on each of the Ethereum, Solana, and Arbitrum cryptocurrency networks," the page reads.

$ARB was up 7.7% over the past 24 hours, outpacing bitcoin's {{BTC}} and ETH's gains during the same period.

CoinDesk asked PayPal and Paxos representatives for comment. Notably, the Stellar

blockchain, which PayPal announced last month to be added for $PYUSD, was not mentioned in the terms.

Digital trading platform Robinhood also picked Arbitrum to develop and roll out its tokenized equity offering.