Injective, a well-known L1 blockchain platform that powers exclusive DeFi applications, has recently announced a major integration. The platform is now integrating PYUSD, a stablecoin developed jointly by Paxos and PayPal, making it one of the first L1s to support this token. The news of this groundbreaking development was shared on the social media platform X.
Injective has taken a significant step by integrating PYUSD, becoming one of the earliest L1s to support the stablecoin created by PayPal and Paxos. PYUSD can now be transferred from Ethereum and Solana to Injective, allowing dApps on the platform to utilize $PYUSD for quick payments, trading, DeFi activities, and more.
Injective expressed its excitement about this integration in a recent social media post. PayPal is a renowned online payment system that enables users to send and receive money globally, while Paxos is a provider of digital asset solutions and blockchain technology for top financial service entities worldwide.
The stablecoin PYUSD on the platform is fully backed by $USD deposits, meaning that 1 $PYUSD can be purchased with 1 $USD. Paxos and PayPal are credited with the release of this popular stablecoin, and its integration into Injective opens up new opportunities for users.
Injective users can now access the $PYUSD stablecoin from both Solana and Ethereum. The platform highlighted that decentralized applications can also make use of the stablecoin for various purposes including DeFi activities, trading, and fast payments.
Tags: DeFi, PayPal