The post Cardano Embraces PayPal’s PYUSD Stablecoin: Big News for DeFi and Payments Solutions appeared on BitcoinEthereumNews.com.
With Cardano’s total locked value nearing $447 million, the addition of PYUSD is likely to drive further growth and innovation. It will also offer users a trusted, stable asset for transactions and DeFi activities while enhancing blockchain interoperability. PayPal USD aka PYUSD, previously available only in the Ethereum and Solana ecosystems, is now available on Cardano. Thanks to Wanchain’s interoperability solution enabling cross-chain applications, this move is made possible, according to a press release by Wanchain. More About Cardano & PayPal USD Integration It is a big step for PYUSD, whose stablecoin is backed by U.S. dollar reserves. First launched for use on Ethereum and Solana, as previously mentioned by CNF, the integration into Cardano promises new possibilities for the users interacting with decentralized finance applications. Per Wanchain CEO Temujin Louie, the integration brings “more options, more flexibility, and control” in asset transfers across different blockchains. Even Cardano’s DeFi ecosystem, whose total locked value has risen to almost $447 million according to data from DefiLlama, may leap further into the fray with a little assistance from PYUSD. Louie noted that this will ensure “greater synergy between networks, fueling innovation and adoption, and ultimately driving the next wave of blockchain interoperability across ecosystems.” PYUSD is introduced into Cardano using Wanchain’s interoperability bridge. It offers the user a better means of managing digital assets. The action increases flexibility in asset transfers between different chains, increasing adoption in the Cardano ecosystem. This increase is part of efforts to improve accessibility for crypto users and facilitate broader blockchain cooperation. PYUSD Stablecoin Performance & Supply Growth Data from CoinCodex shows the historical performance in the price of PYUSD. The stablecoin had seen an all-time high of $1.11612 to date at the level reported on July 26, 2024. The lowest price to date came at the…