PayPal's PYUSD stablecoin is now available for purchase on MoonPay in all supported countries, with the exception of Canada. This development allows users to buy the dollar-denominated stablecoin issued by Paxos Trust Company using a variety of major payment methods.
The integration between MoonPay and PayPal was announced in May 2024, enabling MoonPay users to buy and sell cryptocurrencies using their PayPal accounts. This collaboration marks a significant step towards enhancing user access to digital assets.
PYUSD is a payments-focused stablecoin that is reportedly backed 100% by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. It was one of the first consumer-facing stablecoins launched by a major financial services company.
PayPal's interest in the fintech space has been apparent, especially with recent announcements about enabling business customers in the United States to buy, sell, hold, and transfer cryptocurrencies. The PYUSD stablecoin reached a market capitalization of over $1 billion in August but has since decreased to approximately $705 million, according to DefiLlama.
After expanding PYUSD to the Solana blockchain, its supply surpassed that of Ethereum. However, the supply on Solana has recently dropped below Ethereum's total supply.
Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice.
