PayPal plans to add Arbitrum support for PYUSD stablecoin alongside Ethereum and Solana

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Key Takeaways

PayPal plans to expand its PYUSD stablecoin to the Arbitrum blockchain network.
PYUSD currently operates on Ethereum and Solana.

PayPal has updated its cryptocurrency terms and conditions to include support for its USD stablecoin, PYUSD, on the Arbitrum network, alongside existing support for Ethereum and Solana.

The payment giant’s dollar-pegged digital asset, which currently operates on Ethereum and Solana, would gain access to the Arbitrum layer 2 network. The expansion details were found in the service terms last updated on July 16.

PayPal plans to add Arbitrum support for PYUSD stablecoin alongside Ethereum and Solana

PYUSD launched in August 2023 as PayPal’s entry into the stablecoin market. The token allows users to make payments and transfers within PayPal’s ecosystem.

Arbitrum is a layer 2 network built on top of Ethereum that aims to reduce transaction costs and increase processing speeds. The network has become a popular destination for decentralized finance applications and other crypto projects seeking lower fees than Ethereum’s mainnet.

The move would make PYUSD accessible to users on Arbitrum’s network, potentially increasing the stablecoin’s utility and adoption across decentralized applications.

PYSUD’s market cap currently sits at around $844 million, per CoinGecko data.