Stable has secured backing from PayPal Ventures as the payments giant moves to broaden the reach of its US dollar-pegged stablecoin.
The investment will bring PayPal USD (PYUSD) onto Stable’s blockchain network for permissionless use, allowing users to conduct commerce and financial transactions directly on the Stablechain.
PYUSD is issued by PayPal and pegged 1:1 to the US dollar.
Stable said the integration will use LayerZero’s recent integration to bridge blockchains programmatically, targeting near-instant finality and a reduced fee structure for commerce-related uses.
Stable will also explore cross-chain compatibility and on-/off-ramps for PYUSD, and Stable and PayPal have agreed to look into potential payments and stablecoin-utility products in the coming months.
Since emerging from stealth, Stable closed a US$28 million seed round with investors including Bitfinex and Hack VC.
It also announced four executive hires, including Brian Mehler as co-CEO and Sam Kazemian as CTO.
“Our teams are aligned on the clear benefits that digital asset implementation can bring for consumers, making them a perfect fit to help us bring about the next true advancement in cross-border transactions.
We are incredibly excited to begin working alongside their experienced team and drive this innovative vision and cannot wait to see what we build together.”
said Sam Kazemian, the recently announced CTO of Stable.
“This work with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption. Stable’s focus on fast, seamless financial transactions using stablecoins removes traditional friction points for users.
Together, we will unlock new commerce-related use cases for PYUSD, furthering adoption of stablecoins within the greater financial ecosystem.”
said David Weber, Head of PYUSD Ecosystem, PayPal.
PayPal Ventures also highlighted Stable’s strategy of working with trusted partners to reach emerging markets, calling it an opportunity to drive real-world adoption of stablecoins and develop new use cases at scale.
Featured image: Edited by Fintech News Switzerland, based on image by feepikcontributorthailand via Freepik
