PayPal USD stablecoin expands to the Cardano ecosystem via a new cross-chain bridge by Wanchain.
PayPal USD (PYUSD), a stablecoin issued on Solana and Ethereum chains, can now be accessible on Cardano (ADA) through Wanchains interoperability solution, according to a press release Wanchain shared with crypto.news.
Wanchain chief executive Temujin Louie says the bridge will give users “more options, increased flexibility and control” while transferring assets across different chains.
Cardanos decentralized finance ecosystem with nearly $447 million in total value locked per data from DefiLlama, will open doors for “greater synergy between networks, fueling innovation and adoption, and ultimately driving the next wave of blockchain interoperability across ecosystems,” Louie added.
Earlier in January, American financial institution FV Bank enhanced its stablecoin services by adding PayPal USD to its digital banking platform. As crypto.news reported, the integration allows account holders to receive PYUSD stablecoins directly into their USD accounts, with real-time conversion to USD.
Launched in August 2023, PYUSD is backed by U.S. dollar deposits and similar cash equivalents. Its total supply is now around $515 million, as per crypto.newss price tracking page.
In September 2024, PayPal began allowing U.S. merchants to buy, hold, and sell crypto directly through their business accounts. Since 2020, PayPal and its subsidiary Venmo have enabled consumers to get access to digital assets like Bitcoin (BTC) and Ethereum (ETH).