Stable, a Layer 1 blockchain project focused on driving stablecoin adoption, announced on September 22nd that it has secured investment from global payments giant PayPal. Following PayPal's investment, Stable will integrate PayPal USD (PYUSD), PayPal's own stablecoin, into its Stablechain blockchain network, allowing users to use PYUSD for business and financial transactions without permission.
The announcement stated that Stablechain's integration of PYUSD will utilize the latest technology from the cross-chain protocol LayerZero. Furthermore, Stablechain plans to explore PYUSD's cross-chain compatibility and on- and off-chain channel functionality, enabling the stablecoin to achieve a wider range of application scenarios across diverse blockchain ecosystems. Both parties also agreed to jointly explore innovative products based on payment and stablecoin applications in the coming months to further promote the adoption of stablecoins in the global financial ecosystem.
Regarding this collaboration, David Weber, head of PayPal’s PYUSD ecosystem, said:
“Our partnership with Stable demonstrates our commitment to expanding the use of PYUSD across multiple blockchain ecosystems. Stable specializes in fast, seamless stablecoin financial transactions, effectively eliminating the friction points of traditional transactions. We look forward to jointly opening up more commercial application scenarios for PYUSD and promoting the development of stablecoins in the financial ecosystem.”
Stable's Chief Technology Officer, Sam Kazemian, also emphasized:
"PayPal, with its decades of experience providing fast and reliable peer-to-peer payments, is an ideal partner for us to innovate cross-border transactions. Our teams recognize the potential of digital asset applications, and collaborating with PayPal will drive real progress in stablecoin technology. We look forward to working with their professional team to realize this innovative vision."
What is Stable?
Stable is a blockchain company specializing in stablecoin technology, dedicated to promoting its use in global financial transactions. Its core product, Stablechain, is a Layer 1 blockchain designed specifically for stablecoins, aiming to provide efficient and low-cost transaction solutions.
Stable was jointly developed by Bitfinex exchange and stablecoin giant Tether. It is compatible with EVM and its native gas token is gasUSDT. However, thanks to account abstraction technology, users can pay transaction fees directly with USDT0.
