Paxos, a regulated blockchain and digital asset options supplier, now helps Chainlink’s PayPal USD (PYUSD) value feed on the Ethereum mainnet.
This collaboration goals to streamline the adoption of PYUSD, a USD-backed stablecoin issued by Paxos underneath PayPal’s banner. PYUSD is characterised as an open, programmable stablecoin, backed by greenback deposits, US treasuries, and money equivalents.
With Chainlink’s help, customers can now entry correct, dependable, and decentralised PYUSD market information on the blockchain, enhancing safety and adoption charges for on-chain funds.
Its integration on Ethereum facilitates DeFi tasks and fee processing, marking a joint effort by Chainlink and Paxos to scale on-chain finance globally.
Chainlink’s security measures play a pivotal function in PYUSD’s adoption. Providing high-quality, tamper-proof market information is essential for establishing safe markets and attracting liquidity. Chainlink’s know-how safeguards main DeFi protocols, making certain information integrity even in unstable market situations.
Key options of Chainlink Worth Feeds embody high-quality information aggregation from a number of sources, safe node operations by vetted groups, decentralisation at varied ranges to forestall tampering and downtime, transparency by means of accessible efficiency information, and price effectivity achieved by means of shared oracle community use.
Along with a full license to supply digital fee token companies, Paxos additionally secured in-principle approval from the Financial Authority of Singapore (MAS) in November 2023 to situation stablecoins.
Nick Robnett
“We’re excited to collaborate with Chainlink in driving the adoption of tokenised real-world belongings (RWAs) throughout quite a lot of use instances, together with on-chain funds.
Paxos’ platform allows PayPal to situation PYUSD on-chain, whereas Chainlink’s industry-standard PYUSD/USD Worth Feed helps speed up the stablecoin’s adoption throughout the sensible contract ecosystem,”
mentioned Nick Robnett, Senior Director of Stablecoin Partnerships, Paxos.
Johann Eid
“We’re thrilled to launch a PayPal USD Chainlink Worth Feed and assist present Paxos with the safe, dependable and decentralised value information wanted to spice up the adoption of PYUSD.
With enterprise-grade infrastructure and a confirmed historical past of reliability, Chainlink allows premier monetary organisations to enter and develop the world of on-chain finance,”
mentioned Johann Eid, Chief Enterprise Officer of Chainlink Labs.
Featured picture credit score: Edited from Freepik
