The post PYUSD, The New Stablecoin From PayPal, Now On MoonPay! appeared first on Coinpedia Fintech News
In a latest X post, MoonPay has revealed that PYUSD, the new stablecoin from PayPal, is now on MoonPay. PYUSD can now be purchased on MoonPay via all major payment methods in all supported countries, excluding Canada. MoonPayâs support for PYUSD arrived after the two companies announced a strategic integration in May 2024 to let MoonPay users buy and sell crypto using their PayPal accounts.
PYUSD, the new stablecoin from PayPal, is now on MoonPay! PYUSD on Ethereum (today) and Solana (soon) On the only on-ramp that lets you buy crypto using your PayPal account Available in 150+ countriesWelcome to MoonPay! https://t.co/PE4c8a6tvK pic.twitter.com/6zF35dtqCp
â MoonPay (@moonpay) October 2, 2024
By integrating MoonPay, users will be able to buy PYUSD-a dollar-redeemable stablecoin backed by U.S. dollar deposits and short-term U.S. Treasuries-easily, which extends the latterâs presence in the world.
PYUSD is a dollar-redeemable, payments-focused stablecoin reportedly backed 100% by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents. The stablecoin is part of PayPalâs bigger plan to stake a claim in the fintech crypto market.Â
PayPal Aims To Capture Market Share
PayPal has long been interested in capturing market share among significant fintech companies operating in the digital assets space. Just last month, PayPal revealed plans to enable business customers in the United States to buy, sell, hold, and transfer cryptocurrencies.
Notably, PayPalâs stablecoin surpassed $1 billion in market capitalization in August but has since dropped to approximately $705 million, according to DefiLlama. After the expansion of PYUSD to Solana, its supply on the network overreached that of rival blockchain Ethereum. However, the PYUSD supply on Solana has decreased back below the total supply on Ethereum.