PayPal appears to add Arbitrum support for PYUSD stablecoin alongside Ethereum and Solana, website terms show
Quick Take An update to PayPal’s cryptocurrency terms dated July 16 adds Arbitrum to the list of networks supporting PYUSD, alongside Ethereum and Solana. The stablecoin was launched in August 2023 on Ethereum and expanded to Solana last year.
The PayPal USD stablecoin appears to be going live on the Ethereum Layer 2 network Arbitrum, according to an update to the payment giant's cryptocurrency terms and conditions on Wednesday.
The "PYUSD Stablecoin" section of the terms now reads, "One of the Crypto Assets that PayPal supports is PYUSD, a U.S. dollar-denominated stablecoin. PYUSD is issued by Paxos, not PayPal, on each of the Ethereum, Solana, and Arbitrum cryptocurrency networks."
The page was last updated on July 16, and Arbitrum was missing from the same section in the previous archived version of the page, dated July 11, according to the Internet Archive's Wayback Machine. The "Transaction Limits" section now also includes a reference to PYUSD on Arbitrum, which was not previously included.
PayPal has yet to announce the news publicly. The Block reached out to the company for comment.
Expanding beyond Ethereum and Solana
PayPal USD first launched in August 2023 on Ethereum in conjunction with issuer Paxos, fully backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
"The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar," PayPal CEO Dan Schulman said at the time. "Our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD."
The stablecoin later expanded to Solana in May 2024, designed to further PayPal's goal of enabling a digital currency with a stable value designed for commerce and payments, the firm said.
Paxos itself expanded to Arbitrum in September 2024 with plans to bring its tokenization platform to the network.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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