PayPal USD Officially Launches on the Polygon Network

BlockBeats News, July 9th, Paxos announced that PayPal USD (PYUSD) has officially been issued on the Polygon chain and is being provided to the market through the Polygon Open Money Stack. This move aims to provide institutional and corporate clients with an on-chain USD settlement solution under federal regulatory oversight, covering deposit, withdrawal, and compliance functions.

The Polygon chain currently has a daily average stablecoin settlement volume of over $25 billion and a total settlement volume of over $2.6 trillion. PYUSD is issued by Paxos, a nationally chartered trust company regulated by the Office of the Comptroller of the Currency (OCC).