PayPal's PYUSD Stablecoin Joins Cardano Ecosystem, Expanding Reach and Asset Transfer Options

PayPal's PYUSD stablecoin has joined the Cardano ecosystem, expanding its reach and offering users more options for asset transfers. This integration is facilitated by Wanchain's interoperability solution, which enables PYUSD to be accessible on the Cardano (ADA) chain. According to Wanchain's chief executive, Temujin Louie, this bridge will provide users with increased flexibility and control while transferring assets across different chains.

Cardano's decentralized finance (DeFi) ecosystem, with nearly $447 million in total value locked, will benefit from this integration. Louie expects this to foster greater synergy between networks, driving innovation and adoption, and ultimately propelling the next wave of blockchain interoperability across ecosystems.

Earlier in January, American financial institution FV Bank enhanced its stablecoin services by adding PayPal USD to its digital banking platform. This integration allows account holders to receive PYUSD stablecoins directly into their USD accounts, with real-time conversion to USD.

Launched in August 2023, PYUSD is backed by U.S. dollar deposits and similar cash equivalents. Its total supply has grown to around $515 million. PayPal began allowing U.S. merchants to buy, hold, and sell crypto directly through their business accounts in September 2024. Since 2020, PayPal and its subsidiary Venmo have enabled consumers to access digital assets like Bitcoin (BTC) and Ethereum (ETH).