XLM Shines Bright with Top 24-Hour Gain in Top 20 Cryptos: A Stellar Performance
PayPal recently announced plans to launch its stablecoin, PayPal USD (PYUSD), on the Stellar blockchain network, pending approval from the New York State Department of Financial Services. This move would expand PYUSD’s availability beyond Ethereum and Solana. Stellar is known for its low-cost, high-speed payments and real-world utility, making it an attractive choice for PayPal. The integration with Stellar aims to enhance the accessibility and usability of PYUSD for payments, cross-border transfers, and financial services, including working capital and small business loans.
The collaboration with Stellar would leverage its global infrastructure, allowing PYUSD to reach users in over 170 countries through a network of on- and off-ramps, local payment systems, and digital wallets. This partnership could also benefit liquidity and settlement through PayFi, a digital financing mechanism on Stellar. PYUSD, issued by Paxos Trust Company, is fully backed by cash reserves with a fixed redemption value of $1.00 per token.
Ian Burrill, a Senior Director at PayPal, expressed excitement about launching PYUSD on Stellar in a video released by the Stellar Foundation. He highlighted Stellar’s fast and low-cost network, expanding PYUSD’s reach globally. This integration would enable merchants to send money in real-time, improving capital management efficiency.
In terms of technical analysis, Stellar’s XLM token experienced significant price appreciation within a 24-hour trading period, showing volatility between a session low of $0.345 and high. This move indicates market interest and potential growth for Stellar and its associated projects.
