PayPal USD (PYUSD) stablecoin is coming to the Stellar network

PYUSD is coming to @StellarOrg, reaching a broader group of developers and unlocking new opportunities for the stablecoin.

PayPal is expanding its dollar-pegged stablecoin to the Stellar network, pending approval from the New York State Department of Financial Services (NYDFS).

PayPal confirmed that its stablecoin, known as PayPal USD (PYUSD), will soon be rolling out on Stellar for broader use cases, such as extending everyday payments, remittances and "PayFi" solutions to millions of customers and merchants.

PYUSD would be expanding to Stellar for new use cases, such as extending everyday payments, remittances and "PayFi" solutions to millions of customers and merchants.

This marks a significant expansion for PYUSD, which was initially launched on Ethereum in August and later rolled out on Solana in September.

"PYUSD is coming to Stellar, reaching a broader group of developers and unlocking new opportunities for the stablecoin. More blockchains, greater access—and we’re not stopping now," said Alex Chriss, CEO of PayPal.

Expansion to Stellar will provide PYUSD users with access to its wide network of on- and off-ramps, as well as expanded access via digital wallets and connections to local payment systems and cash networks. It will also provide the infrastructure for users to integrate PYUSD into their everyday financial activities, such as payments, remittances and merchant services.

In April, Stellar announced that it was expanding its partnership with Coinbase to accelerate the adoption, distribution and use of the PayPal USD (PYUSD) stablecoin.

Earlier this week, the Stellar Development Foundation (SDF), a nonprofit entity, celebrated the third anniversary of its partnership with MoneyGram, which has facilitated nearly $30 million in total transactions.