PayPal Adds Arbitrum Support for PYUSD Stablecoin

PayPal's USD stablecoin, PYUSD, appears to be launching on the Arbitrum Layer 2 network, as revealed in an update to their cryptocurrency terms and conditions on Wednesday. The updated section states: "One of the Crypto Assets that PayPal supports is PYUSD, a U.S. dollar-denominated stablecoin. PYUSD is issued by Paxos, not PayPal, across the Ethereum, Solana, and Arbitrum networks." Previously, Arbitrum was not mentioned in the archived version from July 11, according to the Internet Archive's Wayback Machine, but it has now been included in the "Transaction Limits" section, indicating that PayPal is actively expanding its ecosystem. While PayPal has not publicly announced this expansion, The Block has reached out for confirmation. Originally launched in August 2023 on Ethereum with Paxos, PYUSD is fully backed by U.S. dollar deposits and short-term Treasuries. PayPal CEO Dan Schulman noted the shift towards digital currencies requires stable instruments that clearly connect to fiat currencies like the U.S. dollar. In May 2024, PYUSD was also launched on Solana to support PayPal's goal of creating a stable digital currency for commerce. Moreover, in September 2024, Paxos expanded its services to Arbitrum, aiming to enhance its tokenization platform. Disclaimer: The Block remains an independent media outlet. As of November 2023, Foresight Ventures is a majority investor. This article is for informational purposes only and should not be considered as financial, investment, or legal advice.