PayPal’s PYUSD Stablecoin Expands to Cardano with Wanchain Bridge
PayPal USD (PYUSD), a stablecoin originally launched on the Solana and Ethereum blockchains, is now accessible on Cardano through Wanchain’s cross-chain bridge. 🚀
Seamless Crypto Transfers with Wanchain
According to a statement from Wanchain, this integration enhances interoperability, allowing users to move PYUSD seamlessly across different blockchain networks.
Temujin Louie, CEO of Wanchain, emphasized that the bridge will offer users more options, flexibility, and control when transferring assets between chains.
Cardano’s Growing DeFi Ecosystem
With $447 million locked in Cardano’s decentralized finance (DeFi) sector (as per DefiLlama), Louie believes that improved network synergy will boost adoption and innovation, strengthening the blockchain ecosystem. 📈
PayPal’s Expanding Crypto Integration
Earlier in January 2024, FV Bank incorporated PYUSD into its online banking platform, enabling real-time USD conversion for account holders. This marks another step in PayPal’s crypto expansion, making stablecoins more accessible to users.
PYUSD: A Stablecoin Backed by USD
Launched in August 2023, PYUSD is fully backed by USD deposits and cash equivalents. Current data from crypto.news estimates its total supply at $515 million.
PayPal & Crypto Adoption
PayPal has been actively integrating cryptocurrencies since 2020, allowing customers to buy, sell, and hold Bitcoin, Ethereum, and other digital assets. In September 2024, the company extended these services to U.S. businesses, further solidifying its position in the digital finance space. 💰
With PYUSD now bridging multiple blockchain networks, this move could accelerate crypto adoption and interoperability across different ecosystems. 🌍
