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PayPal to expand its PYUSD stablecoin to Arbitrum

Source Cryptopolitan

PayPal’s latest terms and conditions update shows PYUSD plans to expand to the Arbitrum (ARB) blockchain. Initially, PYUSD had partnered with Ethereum and Solana’s blockchain. PYUSD collaboration with the ARB blockchain will provide users with multiple blockchains, allowing for increased flexibility and control.

PYUSD, issued by Paxos, is dollar-pegged at $1 and backed by USD deposits, US Treasury bonds, and US Treasury repurchase agreements. Paxos and its products, including the expansion into new blockchains, are subject to regulation by the New York State Department of Financial Services.

PayPal PYUSD plans to expand to Arbitrum network

The PYUSD stablecoin section of the terms and conditions has been updated today to include the Arbitrum blockchain. The transaction limits section also referenced PYUSD on Arbitrum, which was previously unavailable. PayPal has not announced the news publicly yet.

Arbitrum, an Ethereum layer two solution, was designed to improve speed, scalability, and low fees. PYUSD expansion to the Arbitrum blockchain aligns with the current wave of stablecoins being adopted across multiple blockchain networks. The expansion will allow PYUSD to stay competitive in the rapidly evolving fintech ecosystem.

PYUSD was introduced on the Ethereum blockchain in August 2023 in collaboration with the stablecoin issuer Paxos. The stablecoin expanded to the Solana blockchain in May 2024. The expansion into multiple blockchains furthered PayPal’s goal of enabling digital currency with a stable value designed for commerce and payments. Paxos collaborated with Arbitrum in September 2024 with plans to introduce its tokenization platform to the network.

PayPal and Venmo’s simplified experience shows PYUSD as a unified balance regardless of the blockchain. The simple experience allows users to use and transfer funds to external wallets with the choice of either Ethereum, Solana, or Arbitrum.

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