PayPal’s US dollar-backed stablecoin, PYUSD, has launched on the Polygon blockchain through a native issuance by Paxos. The latest move allows businesses to use the token for cross-border payments through Polygon’s Open Money Stack.
Companies already processing payments on Polygon can now access PYUSD directly through the wallets, fiat ramps, and compliance services they already use.
PYUSD Goes Native on Polygon
According to the press release shared with CryptoPotato, businesses can now accept funds from cards, bank accounts, or exchange balances, convert and transfer PYUSD internationally, and cash out into local currencies through one integrated system. Polygon Labs said this simplifies the process of deploying stablecoin payments by reducing engineering work, lowering operational costs, and replacing multiple vendor relationships with a single integration.
Polygon noted that its network has already settled more than $2.6 trillion in stablecoin transactions and is used by companies including Revolut and Stripe. The integrated setup is expected to benefit a wide range of businesses, including payroll providers paying contractors across multiple countries, online marketplaces settling with international sellers, and remittance applications sending money into emerging markets.
End users could see faster payouts, fewer failed transactions, and quicker access to local currency while avoiding many of the delays and costs associated with traditional correspondent banking.
PYUSD is issued by Paxos under a national Trust charter supervised by the Office of the Comptroller of the Currency (OCC).
Commenting on the development, Polygon Labs CEO Marc Boiron said,
“Bringing PYUSD natively into the Open Money Stack means a business can take money in, move it across borders, and cash it out in one integration, with compliance built in. When a federally regulated stablecoin is available on infrastructure that already moves money at scale, businesses stop asking whether stablecoin payments are ready and start asking what they can build with them.”
Coinme and Sequence Deals
The development comes amid Polygon Labs’ restructuring and a pivot toward stablecoin-based payments. Earlier this year, the company announced it had signed definitive agreements to acquire Coinme and Sequence for more than $250 million.
The goal was to complete the core infrastructure for regulated stablecoin payments and money movement.
Through Coinme, Polygon also expanded its US presence, gaining operations in 48 states through money-transmitter licenses and compliance infrastructure, a crypto-as-a-service platform, licensed wallet infrastructure, enterprise APIs, and a retail network of about 50,000 locations.
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