Paxos Now Supports Chainlink’s PayPal USD Price Feed to Bolster Stablecoin Adoptionby Fintech News Singapore February 8, 2024
Paxos, a regulated blockchain and digital asset solutions provider, now supports Chainlink’s PayPal USD (PYUSD) price feed on the Ethereum mainnet.
This collaboration aims to streamline the adoption of PYUSD, a USD-backed stablecoin issued by Paxos under PayPal’s banner. PYUSD is characterised as an open, programmable stablecoin, backed by dollar deposits, US treasuries, and cash equivalents.
With Chainlink’s support, users can now access accurate, reliable, and decentralised PYUSD market data on the blockchain, enhancing security and adoption rates for on-chain payments.
Its integration on Ethereum facilitates DeFi projects and payment processing, marking a joint effort by Chainlink and Paxos to scale on-chain finance globally.
Chainlink’s security features play a pivotal role in PYUSD’s adoption. Offering high-quality, tamper-proof market data is crucial for establishing secure markets and attracting liquidity. Chainlink’s technology safeguards leading DeFi protocols, ensuring data integrity even in volatile market conditions.
Key features of Chainlink Price Feeds include high-quality data aggregation from multiple sources, secure node operations by vetted teams, decentralisation at various levels to prevent tampering and downtime, transparency through accessible performance records, and cost efficiency achieved through shared oracle network use.
“We’re excited to collaborate with Chainlink in driving the adoption of tokenised real-world assets (RWAs) across a variety of use cases, including on-chain payments.
Paxos’ platform enables PayPal to issue PYUSD on-chain, while Chainlink’s industry-standard PYUSD/USD Price Feed helps accelerate the stablecoin’s adoption across the smart contract ecosystem,”
said Nick Robnett, Senior Director of Stablecoin Partnerships, Paxos.
“We’re thrilled to launch a PayPal USD Chainlink Price Feed and help provide Paxos with the secure, reliable and decentralised price data needed to boost the adoption of PYUSD.
With enterprise-grade infrastructure and a proven history of reliability, Chainlink enables premier financial organisations to enter and grow the world of on-chain finance,”
said Johann Eid, Chief Business Officer of Chainlink Labs.
Featured image credit: Edited from Freepik