Chainlink Price Feeds have enabled more than $9.5 trillion in transaction value by delivering billions of highly accurate, decentralized market data points onchain. Because Chainlink’s time-tested oracle network has proven secure and reliable even during adverse and unexpected events such as flash loan attacks, it is the industry standard for securing tokenized assets, such as stablecoins, that power the web3 economy.
Today, Paxos, the leading regulated blockchain infrastructure and tokenization platform, announced its PayPal USD (PYUSD) stablecoin is now secured by Chainlink’s PYUSD Price Feed on Ethereum mainnet. The integration allows web3 users to create secure markets around PYUSD and select it as their preferred stablecoin for onchain payments.
PayPal’s open and programmable stablecoin is backed by dollar deposits, US treasuries, and cash equivalents. It is transferable on Ethereum, where it serves as collateral for DeFi projects and facilitates payments. By securing PayPal USD with the PYUSD Price Feed, Chainlink and Paxos aim to accelerate the adoption of tokenized real-world assets (RWAs) and scale onchain finance to billions of users worldwide.
In an official announcement, Paxos’ Senior Director of Stablecoin Partnerships, Nick Robnett, underscored Chainlink’s role in unlocking critical use cases for RWAs such as onchain payments using PYUSD.
“We’re excited to collaborate with Chainlink in driving the adoption of tokenized real-world assets (RWAs) across a variety of use cases, including on-chain payments,” he said. “Paxos’ platform enables PayPal to issue PYUSD on-chain, while Chainlink’s industry-standard PYUSD/USD Price Feed helps accelerate the stablecoin’s adoption across the smart contract ecosystem.”
Chainlink Labs’ Chief Business Officer, Johann Eid, emphasized how Paxos’ adoption of Chainlink’s PYUSD Price Feed benefits the entire web3 industry.
“We’re thrilled to launch a PayPal USD Chainlink Price Feed and help provide Paxos with the secure, reliable and decentralized price data needed to boost the adoption of PYUSD,” he said. “With enterprise-grade infrastructure and a proven history of reliability, Chainlink enables premier financial organizations to enter and grow the world of on-chain finance.”