PayPal said Thursday it is deepening its ties with the Polygon network in the hopes of boosting adoption of its PYUSD stablecoin.
The company said the (PYUSD) stablecoin will now be issued natively on Polygon, in addition to becoming available through Polygon's Open Money Stack. The move is meant to make it easier for businesses to use PYUSD to settle payments globally.
"A stablecoin is only as useful as the places it can go and what it can do when it gets there," Polygon Labs CEO Marc Boiron said. "Bringing PYUSD natively into the Open Money Stack means a business can take money in, move it across borders, and cash it out in one integration, with compliance built in."
According to PayPal (PYPL), more than $2.6 trillion in stablecoin payments have been settled on Polygon, with both Revolut and Stripe using the network. PYUSD, which is issued by Paxos, has a total supply of nearly $3 billion, putting it far behind industry leaders Tether and Circle, which issue USDT and USDC, respectively.
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