Hassan Maishera
TL;DR
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PayPal’s PYUSD is now available via MoonPay in all supported countries, excluding Canada.
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The stablecoin ecosystem continues to evolve, with more players looking to enter and gain market share.
PYUSD Now Available Via MoonPay
Cryptocurrency payment platform MoonPay has added support for PayPal USD, the online payments system's dollar-denominated stablecoin issued by Paxos Trust Company.
PayPal’s PYUSD stablecoin can now be purchased on MoonPay using all major payment methods in all supported countries. However, the feature is not yet available to MoonPay users in Canada.
This latest development comes after MoonPay and PayPal announced a strategic integration earlier this year. Per the terms of the deal, MoonPay will enable its users to buy and sell crypto using their PayPal accounts. The integration is designed to help prevent declined crypto purchases via debit cards while boosting the success rate of crypto transactions.
PYUSD is PayPal’s dollar-redeemable, payments-focused stablecoin backed 100% by U.S. Dollar deposits, short-term U.S. Treasuries and similar cash equivalents.
The stablecoin ecosystem continues to evolve and expand as more players enter the market. While Tether (USDT) remains the dominant player in this industry, PYUSD and USDC could be looking to gain more market share.
Furthermore, Robinhood and Revolut are working on their stablecoins as more fintech companies enter the cryptocurrency space.
PayPal continues to work on capturing market share among companies operating in the crypto ecosystem. Last week, PayPal announced that US businesses can now buy, hold, and sell cryptocurrencies directly through their accounts.
