Injective, the renowned L1 blockchain platform that powers exclusive DeFi applications, has made an exciting announcement about its latest integration. The platform is now integrating the joint stablecoin PYUSD, which was created by Paxos and PayPal. This integration makes Injective one of the earliest L1s to support this stablecoin. The news was shared by the platform on the social media platform X.
Injective expressed its enthusiasm for this integration in a recent social media post. PayPal is a well-known online payment system that enables users to send and receive money globally. Meanwhile, Paxos operates as a digital asset solution provider and blockchain platform, catering to leading financial services institutions worldwide.
The PayPal USD ($PYUSD) stablecoin is fully backed by USD deposits, meaning that 1 $PYUSD can be purchased with 1 $USD. Both Paxos and PayPal are credited with the release of this popular stablecoin. Integrating the PYUSD stablecoin into Injective opens up numerous opportunities for users.
Currently, users of Injective can onboard the $PYUSD stablecoin from both the Solana and Ethereum networks. The platform also highlighted that decentralized applications can leverage the stablecoin for various purposes, including decentralized finance (DeFi), trading, and fast payments.