PayPal has announced that it is investing in Stable, a layer one blockchain focused on stablecoins, through its venture arm PayPal Ventures.
According to the press release, this will allow PayPal USD (PYUSD), a dollar-backed stablecoin, to be used on Stable’s network for payments and commerce. The move aims to allow PYUSD to be used more widely for payments and transactions.
Stable stated that its integration of PYUSD will run on USDT and is designed for fast settlement and low-cost transfers. At the same time, the network will use LayerZero technology to link different blockchains, making it easier to move money between platforms. The plan includes cross-chain support and onramp and offramp features that could help PYUSD flow across more digital ecosystems.
“Our teams are aligned on the clear benefits that digital asset implementation can bring for consumers,” said Sam Kazemian, the recently appointed chief technology officer of Stable. He added that PayPal’s long history in digital payments makes it an ideal partner to expand the use of stablecoins.
David Weber, Head of PYUSD Ecosystem at PayPal, said, “This work with Stable reflects our commitment to expanding PYUSD’s utility across multiple blockchain ecosystems and driving adoption.” He noted the partnership would help create new payment use cases, especially for commerce and cross-border activity.
Amman Bhasin, a partner at PayPal Ventures, said the investment highlights a focus on emerging markets. “They’re tackling the real frontier for stablecoins, the emerging markets where reliable, dollar-based payments can have the greatest impact,” he explained.
Stable recently closed a $28 million seed funding round with investors including Bitfinex and Hack VC. The company also added new executives, naming Brian Mehler as co-chief executive officer and Kazemian as chief technology officer. Stable has released a 2025 roadmap and is expected to announce more product updates later this year.
PYUSD was first launched in 2023 and is issued by Paxos Trust Company. It is pegged 1-1 with the U.S. dollar and backed by reserves of U.S. Treasuries and cash equivalents.
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