Stable, a layer 1 blockchain network, has integrated PayPal USD (PYUSD), a stablecoin issued by PayPal, to enhance commerce and financial transactions on its Stablechain network.
It will offer permissionless use of PYUSD on the Stable blockchain, expanding PYUSD distribution, utility, and liquidity.
The integration of PYUSD into Stablechain leverages LayerZero’s technology to offer a seamless cross-chain experience. It is said to provide “ultra-fast” processing speeds and reduced fees for near-instant transaction finality.
PayPal PYUSD Ecosystem head David Weber said: “This work with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption. Stable’s focus on fast, seamless financial transactions using stablecoins removes traditional friction points for users.”
Stable’s latest funding round has attracted investment from PayPal’s global venture arm PayPal Ventures.
Both companies are committed to exploring future products centred around payments and stablecoin utility.
This collaborative effort is expected to unlock new commerce-related use cases for PYUSD across various blockchain ecosystems and contribute to the evolution of digital commerce, according to Stable.
PayPal Ventures partner Amman Bhasin said: “We’re excited to invest in Stable because they’re tackling the real frontier for stablecoins, the emerging markets where reliable, dollar-based payments can have the greatest impact. Their strategy of working with trusted distribution partners gives them a unique edge to scale quickly, grow real world adoption, and support the development of novel use cases.”
Furthermore, Stable has bolstered its executive team with four new hires, including co-CEO Brian Mehler and CTO Sam Kazemian.
These appointments follow the closure of a $28m seed funding round, featuring contributions from crypto investors such as Bitfinex and Hack VC.
Sam Kazemian said: “PayPal has long been known as one of the most feature-rich, flexible, and intuitive digital platforms for fiat currency transfers, with decades of experience delivering fast and reliable access to peer-to-peer payments across the globe.
“Our teams are aligned on the clear benefits that digital asset implementation can bring for consumers, making them a perfect fit to help us bring about the next true advancement in cross-border transactions. We are incredibly excited to begin working alongside their experienced team and drive this innovative vision and cannot wait to see what we build together.”
