PayPal, a renowned financial technology company, has announced the availability of its $PYUSD stablecoin on the popular blockchain platform, Polygon. The integration of $PYUSD into the Polygon Open Money Stack will expand compliant stablecoin payments.
According to PayPal’s official press release, businesses can now use $PYUSD for cross-border transfers with native compliance, streamlined settlement infrastructure, and regulated off- and on-ramps. This development comes at a time when Polygon’s stablecoin network is rapidly growing, with a total stablecoin supply of nearly $2.6 trillion, doubling over the past year.
PayPal’s $PYUSD Now Live on Polygon Open Money Stack Ahead of $GENIUS Act Deadline
The integration of PayPal’s $PYUSD into Polygon Open Money Stack precedes the 18th of July deadline set by U.S. regulators to finalize the stablecoin model under the $GENIUS Act. This move highlights the increasing momentum for compliant stablecoins. Paxos, a regulated financial entity responsible for issuing $PYUSD, is facilitating the stablecoin’s issuance.
Businesses can access $PYUSD through the wallets, compliance tools, and payment ramps already integrated into the Polygon Open Money Stack, eliminating the need for separate infrastructure for fiat conversion, regulatory compliance, and token management.
Prior to this integration, businesses offering stablecoin payment options had to rely on multiple providers for banking services, blockchain connectivity, and compliance systems. The Polygon Open Money Stack consolidates these services into a comprehensive integration, enabling businesses to accept payments through bank accounts, exchange balances, payment cards, transact funds using $PYUSD, and convert digital assets into local currencies through regulated channels.
Driving Adoption of Compliant Stablecoins with a Strong Enterprise Payment Network
The seamless infrastructure is expected to reduce operational complexities and lower costs associated with international payments. PayPal states that businesses can benefit from fewer intermediaries and faster settlement times, enhancing the practicality of stablecoin-powered transfers for wider commercial use.
Marc Boiron, CEO of Polygon Labs, commented, “Integrating $PYUSD natively into the Open Money Stack allows businesses to receive money, transfer it across borders, and cash it out in a single integration with built-in compliance.” Peter Jonas, Chief Revenue Officer of Paxos, added, “As the regulated issuer of $PYUSD, our role is to provide trusted stablecoins to businesses and institutions wherever they need them.”
While $PYUSD operates across various blockchain ecosystems, its deployment on the local Polygon Open Money Stack enhances access and strengthens its position as an inclusive platform for compliant stablecoin-powered financial services and enterprise-scale digital payments.