Institutional digital asset infrastructure firm Paxos is integrating Chainlink’s PayPal USD price feed to accelerate the tokenization economy. Paxos also wants to boost the adoption of PYUSD – a dollar-based stablecoin powered by Paxos and issued by PayPal.
At the same time, Chainlink and Paxos say they are “advancing the use of tokenized real-world assets (RWAs) and helping scale on-chain finance to billions of users across the globe.”
Paxos explains that the Price Feed allows users access to good information on decentralized market activity for PYUaSD.
PYUSD is transferable on Ethereum where it facilitates payments and can act as collateral for DeFi.
Nick Robnett, Senior Director of Stablecoin Partnerships, Paxos, explained that Paxos’ platform enables PayPal to issue PYUSD on-chain, while Chainlink’s PYUSD/USD Price Feed helps accelerate the stablecoin’s adoption across the smart contract ecosystem.
Currently, PYPL pales in comparison to the dominance of Tether, the largest dollar-based stablecoin, which boasts a market cap of around $96 billion. PYUSD’s market cap is around $300 million.
Chainlink is a decentralized computing platform supporting institutions that has enabled approximately $9.3 trillion in transaction value.