Injective, a well-known L1 blockchain platform that supports exclusive DeFi applications, has made an exciting announcement regarding its latest integration. The platform has revealed that it is incorporating the joint stablecoin PYUSD from Paxos and PayPal, making it one of the first L1s to support this particular token. This significant development was shared on the social media platform X by Injective.
Today, Injective is integrating PYUSD, making it one of the pioneers in supporting the stablecoin created by PayPal and Paxos.
PYUSD can now be transferred from Ethereum and Solana to Injective. The dApps on Injective can now make use of $PYUSD for quick payments, trading, DeFi activities, and more.
Injective Becomes an Early Supporter of PYUSD Stablecoin from Paxos and PayPal
In a recent post on social media, Injective expressed its excitement about this integration. PayPal is a renowned online payment system that allows users to send and receive money globally. Meanwhile, Paxos serves as a provider of digital asset solutions and a blockchain platform, catering to leading financial entities worldwide.
The PayPal USD ($PYUSD) stablecoin is fully backed by $USD deposits on the platform. This means that users can exchange 1 $USD for 1 $PYUSD. The credit for the creation of this popular stablecoin goes to both Paxos and PayPal. The integration of PYUSD into Injective opens up a host of new possibilities for users.
Users Can Now Use PYUSD for DeFi, Trading, and Swift Payments
Currently, users of Injective can transfer the $PYUSD stablecoin from Ethereum and Solana onto the platform. Injective also highlighted that decentralized applications can now take advantage of the stablecoin. According to Injective, these apps can make use of $PYUSD for various purposes, including DeFi activities, trading, and fast payments.
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DeFi
PayPal