PayPal to expand its PYUSD stablecoin to Arbitrum

PayPal's PYUSD stablecoin, which is pegged to the US dollar, is expanding to the Arbitrum blockchain network. This move, discovered through an update to PayPal's terms and conditions, follows previous expansions to Ethereum and Solana. The addition of Arbitrum aims to provide users with more choices for using PYUSD, benefiting from Arbitrum's faster and cheaper transactions. PYUSD is issued by Paxos and is backed by US dollar deposits and US Treasury bonds. Both Paxos and PYUSD are regulated by the New York State Department of Financial Services. This expansion aligns with PayPal's goal to provide a stable digital currency for online payments, with users experiencing PYUSD as a single balance regardless of the underlying blockchain.