Injective, a well-known L1 blockchain platform that powers exclusive DeFi applications, has just announced its latest integration. The platform is now integrating the joint stablecoin PYUSD from Paxos and PayPal, making it one of the earliest L1s to support this particular token. The news of this exciting development was shared on the social media platform X.
Injective is now integrating PYUSD, becoming one of the first L1s to offer support for the stablecoin created by PayPal and Paxos.
Users can now bring PYUSD from Ethereum and Solana onto Injective. Decentralized applications on the platform can make use of $PYUSD for quick and efficient payments, trading, DeFi activities, and more.
Injective Becomes an Early Supporter of Paxos and PayPal’s PYUSD Stablecoin
In a recent social media update, Injective expressed its excitement about this integration. PayPal is a well-known online payment system that allows users to send and receive money globally. Paxos, on the other hand, is a provider of digital asset solutions and a blockchain platform serving top financial service entities worldwide.
PYUSD, the stablecoin on the platform, is fully backed by USD deposits, meaning that 1 $PYUSD can be exchanged for 1 $USD. Both Paxos and PayPal are credited with the release of this popular stablecoin. The integration of PYUSD into Injective opens up a range of new possibilities.
Users Can Now Use PYUSD for DeFi, Trading, and Fast Payments
Currently, users on Injective can bring in the $PYUSD stablecoin from both Solana and Ethereum. The platform also highlighted that decentralized applications can now take advantage of this stablecoin. According to Injective, these apps can utilize $PYUSD for various purposes including decentralized finance (DeFi), trading, and quick payments.
Tags: DeFi, PayPal