In a bid to accelerate the adoption of PayPal USD (PYUSD), a USD-backed stablecoin issued by Paxos, Chainlink has introduced a PYUSD Chainlink Price Feed on the Ethereum mainnet. This collaboration aims to provide market data for PYUSD on the blockchain, promoting PYUSD stablecoin for on-chain transactions.
PYUSD, an open and programmable stablecoin backed by dollar deposits, US treasuries, and cash equivalents, facilitates payments and serves as collateral for DeFi projects on Ethereum.
By integrating Chainlink Price Feeds, Paxos and Chainlink aim to enhance the adoption of tokenized real-world assets (RWAs) and scale on-chain finance to a global audience.
Chainlink’s security infrastructure seeks to ensure the integrity of PYUSD data on-chain. By sourcing data from aggregators and utilizing secure node operators, Chainlink Price Feeds offers market data essential for establishing fast markets and bolstering liquidity in the DeFi space.
Chainlink is a decentralized computing platform that facilitates access to real-world data and enables high-integrity markets across various sectors. Paxos is the issuer of regulated digital assets like PYUSD, USDP, and PAXG. Chainlink empowers DeFi projects with data and security, driving the adoption of PYUSD and other tokenized assets.