Stable Blockchain Integrates PayPal's PYUSD with Bitfinex Support

Stable Integrates PayPal USD to Enhance Digital Payments

Stable, an institutional-grade stablecoin blockchain backed by cryptocurrency exchange Bitfinex, is set to integrate a stablecoin built by major online payment platform PayPal. According to an announcement by Stable on Monday, PayPal Ventures has made a strategic investment in Stable to bring the PayPal USD (PYUSD) stablecoin onto the Stablechain. “This work with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption,” said David Weber, head of the PYUSD ecosystem, highlighting Stable’s focus on fast and seamless financial transactions. The news comes about two months after Stable emerged from stealth in late July, announcing a $28 million seed funding round co-led by Bitfinex and Hack VC.

Stable “Designed for USDT”

Stable is a layer-1 blockchain designed for seamless financial transactions, targeting peer-to-peer payments, remittances, and cross-border transactions. The project is closely connected to Tether USDt (USDT), the world’s largest stablecoin by market capitalization. On its website, Stable describes its blockchain as being “designed for USDT,” delivering real-dollar settlement with “sub-second finality, gas-free peer transfers, and USDT as native gas.” “Using USDT as the native gas token eliminates the complexity of managing volatile tokens just to move digital dollars,” Stable’s FAQ states. In addition to USDT, Stable is also linked to USDT0 (USDT0), a cross-chain liquidity stablecoin introduced by Everdawn Labs, according to its X account bio and information on its website. It's currently unclear if Stable utilizes USDT or USDT0 as the primary gas token.

New Commerce-Related Use Cases for PYUSD

According to PayPal’s Weber, the partnership with Stable aims to unlock “new commerce-related use cases” for PYUSD. Launched in collaboration with Paxos in August 2023, PYUSD has grown to become a notable player in the stablecoin market, although it still trails far behind Tether’s USDT, which boasts a market cap of $172 billion. As of the time of this writing, PYUSD ranked as the 11th largest stablecoin by market cap, valued at approximately $1.4 billion, according to data from CoinGecko. “We’re excited to invest in Stable because they’re tackling the real frontier for stablecoins, the emerging markets where reliable, dollar-based payments can have the greatest impact,” said Amman Bhasin, a partner at PayPal Ventures. PayPal has not yet responded to Cointelegraph's request for comment on this collaboration. The integration of PYUSD into the Stable blockchain could potentially lead to faster and more efficient cross-border payments, particularly in regions where traditional banking infrastructure is less developed. This initiative also highlights the growing trend of established financial institutions embracing blockchain technology to enhance their services.