PayPal has added the Arbitrum network to the list of blockchains supporting its U.S.-dollar-backed stablecoin, PayPal USD (PYUSD), according to an update to the company’s cryptocurrency terms dated 16 July. The change makes Arbitrum the third venue for PYUSD issuance, alongside Ethereum’s mainnet and Solana.
PayPal said expanding to the Ethereum Layer-2 aims to cut transaction fees and speed up settlement for on-chain payments and transfers carried out through its consumer and merchant products. PYUSD remains fully redeemable at US$1 through PayPal or directly with issuer Paxos Trust Company, which holds the reserves in cash and short-dated U.S. Treasuries.
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