Stablecoin issuer Paxos has inked a new strategic partnership with Chainlink to accelerate the use of PayPal USD (PYUSD) for on-chain transactions.

Chainlink Price Feed for PayPal USD

As part of the alliance between Chainlink and the leading regulated blockchain infrastructure and tokenization platform, the former has introduced the PYUSD Chainlink Price Feed on the Ethereum mainnet. Notably, PYUSD is PayPal’s open and programmable United States dollar-backed stablecoin issued by Paxos. The integration of the Chainlink Price Feed is focused on the provision of market data for the PayPal USD stablecoin on the blockchain. 

As outlined in a published statement from Paxos, the feed will offer users insights into “highly accurate, reliable, and decentralized market data for PayPal USD.” In addition to this, the Chainlink Price Feed will allegedly boost the adoption of PYUSD especially for online transactions. 

Ultimately, Chainlink and Paxos are contributing to the advancement of tokenized real-world assets (RWAs) with their alliance. They are also helping to scale on-chain finance to billions of users all over the world. Chainlink Price Feeds is crucial to assisting PYUSD to attract initial liquidity and kick start ecosystem-wide adoption. It will perform this action by securely delivering accurate PYUSD data on-chain.

Amongst other features that the Chainlink Price Feeds provide are data from numerous premium data aggregators and a secured node operator. Markedly, the Chainlink Price Feeds are secured by independent, security-reviewed Oracle nodes. These nodes are operated by leading blockchain DevOps teams, data providers, and traditional enterprises that have a strong track record for reliability. 

Alliances Favoring Crypto Transactions Emerging

The PayPal USD stablecoin was launched six months ago when the United States payment giant was enhancing its crypto push. Even though it is believed that the stablecoin will revolutionize the payment landscape, U.S. lawmakers are concerned about the launch of PYUSD especially, in the absence of a crypto regulatory framework.

However, this has kept the stablecoin from hitting new milestones and bagging significant partnerships. On the other hand, Chainlink is doing so much to enhance crypto payments. As part of its CCIP protocol which was introduced last year, Chainlink collaborated with USDC issuer Circle.

The collaboration pushed for the integration of Circle’s Cross-Chain Transfer Protocol (CCTP) into its Cross-Chain Interoperability Protocol (CCIP).

The post PayPal USD: Chainlink and Paxos Forms Alliance to Drive Adoption appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am