PayPal Plans to Add Ethereum Layer 2 Arbitrum Support for PYUSD Stablecoin

PayPal is adding support for the Arbitrum network to its PYUSD stablecoin. This means PYUSD will now be available on three blockchains: Ethereum mainnet, Solana, and Arbitrum. The goal is to reduce transaction costs and speed up payment processing for users and businesses. PYUSD can still be redeemed for $1 through PayPal or Paxos, the company holding the reserves which are in cash and short-term U.S. Treasury bonds.