In a latest X post, MoonPay has revealed that PYUSD, the new stablecoin from PayPal, is now on MoonPay. PYUSD can now be purchased on MoonPay via all major payment methods in all supported countries, excluding Canada. MoonPay’s support for PYUSD arrived after the two companies announced a strategic integration in May 2024 to let MoonPay users buy and sell crypto using their PayPal accounts.
By integrating MoonPay, users will be able to buy PYUSD-a dollar-redeemable stablecoin backed by U.S. dollar deposits and short-term U.S. Treasuries-easily, which extends the latter’s presence in the world.
PYUSD is a dollar-redeemable, payments-focused stablecoin reportedly backed 100% by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents. The stablecoin is part of PayPal’s bigger plan to stake a claim in the fintech crypto market.
PayPal has long been interested in capturing market share among significant fintech companies operating in the digital assets space. Just last month, PayPal revealed plans to enable business customers in the United States to buy, sell, hold, and transfer cryptocurrencies.
Notably, PayPal’s stablecoin surpassed $1 billion in market capitalization in August but has since dropped to approximately $705 million, according to DefiLlama. After the expansion of PYUSD to Solana, its supply on the network overreached that of rival blockchain Ethereum. However, the PYUSD supply on Solana has decreased back below the total supply on Ethereum.
