Bitfinex-Backed Stable Integrates PayPal's PYUSD Stablecoin

Stable, a blockchain backed by cryptocurrency exchange Bitfinex, has taken a significant step in expanding its reach and adoption with the integration of PayPal's PYUSD stablecoin. This move marks an important milestone for Stable, which aims to revolutionize financial transactions through its institutional-grade stablecoin network.

PayPal Ventures, a venture arm of the online payment platform, has made a strategic investment in Stable to bring PYUSD onto its network. According to Stable's announcement on Monday, this partnership reflects PayPal's commitment to expanding the utility of PYUSD across multiple blockchain ecosystems and driving adoption. "This work with Stable reflects our commitment to expanding PYUSD's utility across multiple blockchain ecosystems and driving adoption," said David Weber, PYUSD ecosystem head.

The news comes at an exciting time for Stable, which emerged from stealth mode in late July after announcing a $28 million seed funding round co-led by Bitfinex and Hack VC. The project is designed to facilitate seamless financial transactions, targeting peer-to-peer payments, remittances, and cross-border transactions.

Stable is closely connected to Tether USDt (USDT), the world's largest stablecoin by market capitalization. Its blockchain is described as being "designed for USDT," delivering real-dollar settlement with sub-second finality, gas-free peer transfers, and USDT as native gas. This innovative approach eliminates the complexity of managing volatile tokens just to move digital dollars.

But Stable's connection to Tether goes beyond USDT. The project is also linked to USDT0 (USDT0), a cross-chain liquidity stablecoin introduced by Everdawn Labs, according to its X account bio and info on its website. It's unclear whether Stable uses USDT or USDT0 as the native gas token, but this partnership highlights the project's commitment to innovation and expansion.

According to Weber, the partnership with Stable aims to unlock "new commerce-related use cases" for PYUSD. Launched in collaboration with Paxos in August 2023, PYUSD has grown to become a notable player in the stablecoin market, though it still trails far behind Tether's USDT, with its $172 billion market cap.

At the time of writing, PYUSD ranked as the 11th largest stablecoin by market cap, valued at around $1.4 billion, according to data from CoinGecko. The integration of PayPal's PYUSD stablecoin on Stable's network marks an exciting development for this emerging player in the stablecoin market.

"We're excited to invest in Stable because they're tackling the real frontier for stablecoins, the emerging markets where reliable, dollar-based payments can have the greatest impact," said Amman Bhasin, PayPal Ventures partner. This statement highlights the potential of Stable's platform and its commitment to expanding the reach of PYUSD.

As Stable continues to grow and expand its network, it will be exciting to see how this integration of PYUSD affects the stablecoin market as a whole. With its focus on fast and seamless financial transactions, Stable is well-positioned to make a significant impact in the world of cryptocurrency and digital payments.