World Crypto Global
- Written by: Jared Kirui
- Wed, 07 Feb 2024
- Israel
In a bid to accelerate the adoption of PayPal USD(PYUSD), a USD-backed stablecoin issued by Paxos, Chainlink has introduced PYUSD Chainlink Price Feed on Ethereum. This integration aims toprovide market data for PYUSD on the blockchain, promoting its adoption foron-chain transactions.PYUSD, an open and programmable stablecoin backed bydollar deposits, US treasuries, and cash equivalents, facilitates payments andserves as collateral for DeFi projects on Ethereum. PYUSD Chainlink Price FeedsBy integrating Chainlink Price Feeds, Paxos andChainlink aim to enhance the adoption of tokenized real-world assets andscale on-chain finance globally.Chainlink's security infrastructure seeks to ensurethe integrity of PYUSD data on-chain. By sourcing data from aggregators andutilizing blockchain node operators, Chainlink Price Feeds offers market dataessential for establishing fast markets and bolstering liquidity in the DeFispace, the company said in a statement published by Paxos. Chainlink is a decentralized computing platform thatfacilitates access to real-world data. It provides DeFi projects with data andsecurity, driving the adoption of PYUSD and other tokenized assets. Last year, PayPal launched PYUSD to facilitate crypto payments. This digitalasset aims toprovide users with a stable instrument amidst the volatile crypto market.The Functionality of PYUSDPYUSD was launched in collaboration with PayPal andPaxos Trust Company. The cryptocurrencies that can be traded with PYUSDinclude Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Users can acquire PYUSD through PayPal for peer-to-peer transfers or online purchases. Besides that, PYUSD serves as abridge for converting various cryptocurrencies supported by PayPal into stabledigital assets.To ensure transparency and trustworthiness, Paxospledged to release monthly reports detailing the financial instruments backingPYUSD. Additionally, PYUSD is accessible through Venmo, further expanding itsreach in the digital payments sector. Paxos is the issuer of regulated digital assets like PYUSD,USDP, and PAXG. Venmo, initially launched in 2009 and acquired byPayPal in 2013, has seen significant growth in recent years. With over 90million accounts in the US and $67 billion in total payment volume in thesecond quarter of 2023, Venmo has become a popular choice for contactlesspayments. According to a report by Finance Magnates, itsintegration of PYUSD further solidified the platform's position in the digital paymentmarket and opened new opportunities for cryptocurrency adoption among its users. Since its launch, PYUSD has quickly been integrated into the broadercryptocurrency market.This article was written by Jared Kirui at www.financemagnates.com.
