Stable Adds PayPal’s PYUSD, Lands Backing from PayPal Ventures

The move puts PayPal’s stablecoin token on Stablechain, potentially allowing for faster, cheaper payments across networks. PayPal Ventures – the company’s venture capital arm – has also taken a stake in Stable, the company said in a statement without disclosing deal details. 

Stable runs a payments-focused blockchain built for stablecoins and is backed by Bitfinex, the twelfth-largest crypto exchange by trading volume, according to CoinMarketCap. The company describes Stablechain as a network designed for high-volume, low-cost transfers of digital dollars – tackling one of the pain points that stablecoins often face on mainstream blockchains, like high transaction fees or slow settlement times. 

"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,” said Sam Kazemian, CTO of Stable. 

PayPal launched PYUSD in August 2023 and is backed by cash and short-term US Treasuries, redeemable one for one for US dollars. PYUSD has grown to be the sixth-largest stablecoin by market cap, according to CoinMarketCap. 

PayPal’s crypto push began in 2020, when US customers could start buying, holding, and selling major tokens in the PayPal app. In 2021, PayPal launched Checkout with Crypto, which automatically turns a customer’s crypto into dollars at checkout, so the merchant gets paid in cash. PYUSD is the next step in that strategy, a dollar-backed token PayPal can deploy across its own products and external networks like Stablechain.