- With Cardano’s total locked value nearing $447 million, the addition of PYUSD is likely to drive further growth and innovation.
- It will also offer users a trusted, stable asset for transactions and DeFi activities while enhancing blockchain interoperability.
PayPal USD aka PYUSD, previously available only in the Ethereum and Solana ecosystems, is now available on Cardano. Thanks to Wanchain’s interoperability solution enabling cross-chain applications, this move is made possible, according to a press release by Wanchain.
More About Cardano & PayPal USD Integration
It is a big step for PYUSD, whose stablecoin is backed by U.S. dollar reserves. First launched for use on Ethereum and Solana, as previously mentioned by CNF, the integration into Cardano promises new possibilities for the users interacting with decentralized finance applications. Per Wanchain CEO Temujin Louie, the integration brings “more options, more flexibility, and control” in asset transfers across different blockchains.
Even Cardano’s DeFi ecosystem, whose total locked value has risen to almost $447 million according to data from DefiLlama, may leap further into the fray with a little assistance from PYUSD. Louie noted that this will ensure “greater synergy between networks, fueling innovation and adoption, and ultimately driving the next wave of blockchain interoperability across ecosystems.”
PYUSD is introduced into Cardano using Wanchain’s interoperability bridge. It offers the user a better means of managing digital assets. The action increases flexibility in asset transfers between different chains, increasing adoption in the Cardano ecosystem. This increase is part of efforts to improve accessibility for crypto users and facilitate broader blockchain cooperation.
PYUSD Stablecoin Performance & Supply Growth
Data from CoinCodex shows the historical performance in the price of PYUSD. The stablecoin had seen an all-time high of $1.11612 to date at the level reported on July 26, 2024. The lowest price to date came at the level of $0.960049 on November 25, 2023. From the peak, there was a low of $0.990278 before this recovery to $1.00538 in the last cycle high.
The circulating supply of PYUSD is 729.09 million tokens, and the yearly inflation rate is 142.08%. Within the last year, 427.92 million PYUSD tokens were minted. PYUSD ranks 8th in stablecoins, 41st in Ethereum-based tokens, and 33rd in U.S.-based crypto projects by market capitalization.
The integration of PYUSD into the Cardano blockchain is one step in the direction of increasing user confidence within the ecosystem. Being a stablecoin, it has the backing of U.S. dollar deposits, among many other considerations that crypto investors look for to determine stability. The asset can be considered safe for users who have fears of volatility since PYUSD can be utilized as a stable asset for transactions or DeFi activities.
The use of the stablecoin affiliated with PayPal reinforces the credibility of Cardano’s ecosystem. Here, the ecosystem may attract users who have been resistant to using cryptocurrencies for several reasons by leveraging the trustworthiness of an entity like PayPal.
The addition of PYUSD through Wanchain’s bridge reveals a new horizon in asset management on Cardano. According to Louie, benefits accrue from this interoperability. He said, “This bridge would provide more control over users’ assets, making it easier to transfer and trade assets across different blockchains.”
