PayPal brings PYUSD stablecoin to Polygon

• PayPal's PYUSD stablecoin is now available natively on the Polygon blockchain.
• Businesses can send global payments using built-in compliance, wallets and fiat conversion tools.
• Polygon said the integration simplifies cross-border payments and reduces operating costs.

PayPal's US dollar-backed stablecoin, PayPal USD (CRYPTO:PYUSD), is now available natively on the Polygon (CRYPTO:POL) blockchain through issuer Paxos.

Businesses using Polygon can now accept, transfer and convert PYUSD through existing wallets, fiat payment services and compliance tools.

“Bringing PYUSD natively into the Open Money Stack means a business can take money in, move it across borders, and cash it out in one integration, with compliance built in,” said Polygon Labs Chief Executive Officer Marc Boiron.

Polygon said the integration reduces engineering work, lowers operating costs and removes the need to manage multiple payment providers.

The company said its network has settled more than US$2.6 trillion in stablecoin transactions and is already used by businesses including Revolut and Stripe.

Polygon said the new service could help payroll providers, online marketplaces and remittance companies send money faster and with lower costs.

Earlier this year, Polygon agreed to acquire Coinme and Sequence for more than US$250 million to expand its regulated stablecoin payment infrastructure.