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FollowingPayPal\'s stablecoin PYUSD has landed on Polygon with built-in compliance and fiat channels
PayPal\'s dollar-backed stablecoin PYUSD has been launched on the Polygon blockchain through Paxos\'s native issuance. This latest move allows companies to use the token for cross-border payments through Polygon\'s Open Money Stack.
Businesses that already process payments on Polygon can now access PYUSD directly through the wallets, fiat channels and compliance services they are using.
PYUSD is natively deployed on Polygon
According to the announcement, companies can now accept funds from credit cards, bank accounts or exchange balances through an integrated system, convert and transfer PYUSD internationally, and convert it into local currency. Polygon Labs said this simplifies the process of deploying stablecoin payments, reduces engineering workload, reduces operating costs, and replaces multiple vendor relationships with a single integration.
Polygon pointed out that its network has settled more than $2.6 trillion in stablecoin transactions and is used by companies such as Revolut and Stripe. This integrated model is expected to benefit a number of businesses, including payroll payment providers that pay contractors in multiple countries, online marketplaces that settle with international sellers, and remittance apps that send money to emerging markets.
End users may see faster payment speeds, fewer transaction failures, and faster local currency acquisitions, while avoiding many of the delays and costs associated with traditional correspondent banks.
PYUSD is issued by Paxos under the National Trust Charter supervised by the Office of the Comptroller of the Currency (OCC).
In response to this development, Marc Boiron, CEO of Polygon Labs, said: \"Introducing PYUSD natively to the open currency stack means that companies can complete fund receipt, cross-border transfer and redemption in one integration, with built-in compliance. When a federally regulated stablecoin appears on infrastructure that is already handling capital flows on a large scale, companies no longer ask whether the stablecoin is ready for payments, but start asking what they can build with it.\"
Coinme traded with Sequence
This development comes as Polygon Labs reorganizes and moves towards stablecoin-based payments. Earlier this year, the company announced it had signed a final agreement to acquire Coinme and Sequence for more than $250 million. The goal is to complete the core infrastructure for regulated stablecoin payments and capital flows.
Through Coinme, Polygon has also expanded its U.S. presence in 48 states through currency transfer licenses and compliance infrastructure, including crypto-as-a-service platforms, licensed wallet infrastructure, corporate APIs and a network of approximately 50,000 retail outlets.
