The decentralized and non-custodial lending and borrowing protocol Aave is currently in the process of voting to integrate PayPal’s stablecoin PYUSD, issued by Paxos Trust Company.
In a current governance poll, an overwhelming 99.98% of AAVE token holders who participated expressed their support for incorporating PYUSD into AAVE’s Ethereum pool.
The voting on the proposal, known as a temperature check, was proposed by Trident Digital on December 18 and is set to conclude later today.
PYUSD has swiftly reached a market capitalization of $289 million. This figure, while impressive, constitutes only 0.3% of Tether’s dominant market capitalization, which currently sits at $94 billion.
Trident proposes the integration of PYUSD into AAVE, foreseeing the establishment of meaningful links between PYUSD and AAVE’s stablecoin, GHO.
This integration aims to cultivate a more robust relationship between PYUSD and AAVE’s decentralized stablecoin, GHO, ultimately bolstering synergies within the entire ecosystem.
Also Read: PayPal’s PYUSD Turns to DeFi for Liquidity Boost
