Following PayPal Ventures’ strategic investment, Stable brings permissionless use of PayPal USD onto its blockchain
Stable, the layer 1 blockchain network powered by USDT and designed to achieve seamless financial transactions through stablecoins, announced that users will be able to utilize PayPal USD (PYUSD), a stablecoin issued by PayPal and pegged 1:1 to the US Dollar, for commerce and financial transactions on the Stablechain. Additionally, PayPal Ventures, the global venture arm of PayPal, has invested in Stable’s latest funding round.
“PayPal has long been known as one of the most feature-rich, flexible, and intuitive digital platforms for fiat currency transfers, with decades of experience delivering fast and reliable access to peer-to-peer payments across the globe,” said Sam Kazemian, the recently announced CTO of Stable. “Our teams are aligned on the clear benefits that digital asset implementation can bring for consumers, making them a perfect fit to help us bring about the next true advancement in cross-border transactions. We are incredibly excited to begin working alongside their experienced team and drive this innovative vision and cannot wait to see what we build together.”
Stable’s integration of PYUSD into the Stablechain will use LayerZero’s recent integration to bridge blockchains programmatically. The combination of Stable’s ultra-fast network processing speeds and reduced fee structure provides for near instant finality along with economics that are beneficial for use in commerce related transactions.
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Stable will also explore efforts to provide cross-chain compatibility and onramp/offramp capabilities for PYUSD, unlocking new use cases for the stablecoin across different blockchain ecosystems. Stable and PayPal have also agreed to explore potential future products developed around payments and stablecoin utility in the coming months.
“This work with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption. Stable’s focus on fast, seamless financial transactions using stablecoins removes traditional friction points for users,” said David Weber, Head of PYUSD Ecosystem, PayPal. “Together, we will unlock new commerce-related use cases for PYUSD, furthering adoption of stablecoins within the greater financial ecosystem.”
“We’re excited to invest in Stable because they’re tackling the real frontier for stablecoins, the emerging markets where reliable, dollar-based payments can have the greatest impact. Their strategy of working with trusted distribution partners gives them a unique edge to scale quickly, grow real world adoption, and support the development of novel use cases”, said Amman Bhasin, Partner at PayPal Ventures.
Since its emergence from stealth, Stable has announced four new executive hires, including their new Co-CEO Brian Mehler, as well as its new CTO Sam Kazemian. The announcement closely follows the close of Stable’s $28 million seed funding round with participation from notable investors in the crypto space, including Bitfinex and Hack VC.
The company also recently unveiled its 2025 roadmap, with more updates on its development and rollout to be released over the coming months.
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