PayPal has included the Arbitrum blockchain in the list of supported chains for its PYUSD stablecoin. This also aligns with its existing support for leading blockchains such as Ethereum and Solana.
With this new incorporation, PYUSD enhances its interchain utility and provides faster access to users across the chains. Moreover, PayPal has rolled out a rewards program for those holding PYUSD in their Cryptocurrencies Hub. Users are eligible for daily rewards, paid out monthly.
In the Terms and Conditions section on the website, PayPal rolled out a new edit, citing that PYUSD stablecoin is available on Ethereum, Solana, and Arbitrum. Users noted that the new edit added Arbitrum in the list, which was not present there earlier.
The conditions also noted that the PYUSD is issued by Paxos following Paxos’ terms, not PayPal’s. The platform reserves the right to end support for PYUSD without notice. If that happens, users must sell or transfer their holdings externally.
Arbitrum’s partnership with PayPal follows Paxos’ network expansion in 2024. This collaboration boosts the usability of PYUSD, making transactions faster and more affordable. PayPal continues to be committed to its stablecoin strategy, having launched PYUSD on Ethereum back in August 2023 and then expanding to Solana in May 2024.
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