PayPal expands its PYUSD stablecoin to Arbitrum, enabling faster, lower-cost transactions. This follows PYUSD's support on Ethereum and Solana, boosting its utility and adoption in decentralized finance.

PayPal is expanding its PYUSD stablecoin to the Arbitrum blockchain network, allowing for faster and lowercost transactions. This move builds on PYUSD's existing support for Ethereum and Solana, potentially increasing the stablecoin's utility and adoption across decentralized applications.

Key Details:

PYUSD Background: Launched in August 2023 on Ethereum, PYUSD is a US dollardenominated stablecoin issued by Paxos, backed by dollar deposits, shortterm Treasuries and cash equivalents.

Arbitrum Benefits: As a layer 2 network, Arbitrum reduces transaction costs and increases processing speeds, making it attractive for decentralized finance applications and other crypto projects.

Market Impact: Arbitrum's token (ARB) surged 10% following the news, trading at $0.4395, while PYUSD's market cap currently sits at around $844 million.

Rewards Program: PayPal has also rolled out a rewards program for users holding PYUSD in their Cryptocurrencies Hub, with daily rewards paid out monthly.#BTCWhaleTracker $BTC