PayPal USD (PYUSD), the stablecoin associated with the American financial technology giant PayPal Holdings Inc. is exploring an avenue to get integrated into the decentralized lending protocol Aave.
PayPal Stablecoin Eyes DeFi Embrace
PayPal stablecoin was launched in August as the company that embraced crypto trading a couple of years back sought to deepen its foothold in the digital currency ecosystem. While the PayPal stablecoin got the much-desired embrace at launch, its traction has waned in recent times.
At the moment, data from DeFiLlama positions PayPal Stablecoin on Ethereum (ETH) as the 11th largest stablecoin with a $243.28 million market capitalization. This figure comes as a fraction of the more than $93.7 billion of the market capitalization of the largest stablecoin, Tether (USDT).
To change its fortune, PayPal is looking to extend its reach into the wider and more liquidity-rich Decentralized Finance (DeFi) and Aave is the next target. According to reports, there is an
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