Injective, a widely-used L1 blockchain platform that powers exclusive DeFi applications, has just announced its latest integration. The platform is now integrating Paxos and PayPal’s joint stablecoin PYUSD, making it one of the first L1s to support this particular token. Injective took to the social media platform X to share this groundbreaking news with its users.
Injective has successfully integrated PYUSD, becoming one of the early adopters of the stablecoin developed by PayPal and Paxos. This integration allows PYUSD to be transferred from Ethereum and Solana onto the Injective platform. dApps on Injective can now take advantage of $PYUSD for quick payments, trading, DeFi activities, and more.
In a recent social media update, Injective expressed its excitement about this integration. PayPal is a well-known online payment system that enables users to send and receive money globally, while Paxos is a leading digital asset solution provider and blockchain platform serving major financial institutions worldwide.
PYUSD is a stablecoin on the platform that is fully backed by $USD deposits, meaning 1 $PYUSD can be purchased with 1 $USD. Both PayPal and Paxos are credited with the release of this stablecoin. The integration of PYUSD into Injective opens up various new opportunities for users.
Users can now use PYUSD for DeFi activities, trading, and fast payments on Injective. The platform allows users to transfer the $PYUSD stablecoin from Ethereum and Solana. Additionally, decentralized applications can leverage the stablecoin for various purposes related to DeFi, trading, and quick payments.
