On June 11, PayPal announced plans to launch its US Dollar-Stable StableCoin, PayPal USD (Pyusd)at Stellar Blockchain Network, pending regulatory approval by the New York State Department of Financial Services. If approved, the move would mark the extension of PYUSD in addition to its current availability at Ethereum and Solana.
PayPal described Stellar as a blockchain tailored to low cost, high -speed payments with strong reality tools. By adding support to Stellar, the company aims to improve PYUSD’s availability and utility to payments, cross -border transfers and financial services. Integration is expected to improve daily payment options and give users expanded access to financing tools such as working capital and small businesses – where stars are already active.
The press release emphasized Stellar’s existing global infrastructure, including a wide network of on and off-ramps, local payment systems and digital wallets, which could help bring PYUSD to users in over 170 countries. PayPal also highlighted potential benefits for liquidity and settlement through Payfi, a growing digital financing mechanism that would give companies access to real -time capital paid in Pyusd on stars.
May Zabaneh, PayPal’s Deputy President of Digital Currency, said the partnership would help promote the use of blockchain in cross -border payments. DENELE DIXON, CEO of the Stellar Development Foundation, said the collaboration could help bring practical stablecoin use to new markets and small businesses globally.
Pyusd is issued by Paxos Trust Company and is fully backed by cash and cash equivalent reserves with a fixed redemption value of $ 1.00 per day. Token.
Earlier this in a short video released by the Stellar Foundation explained Ian Burrill, a senior director at PayPal, who manages the Crypto Engineering Team, which is why his company was excited about the launch of Pyusd at Stellar. Burrill said Stellar is a quick, cheap network and it expands Pyusd’s reach to 180 plus countries. He continued to say that enabling merchants to use Pyusd on Stellar lets them send money in real time, providing more efficient capital management.
Technical analysis
- Stellars XLM-Token recorded considerable award assessment in a 24-hour trade period from July 11 at. 17:00 UTC to July 12 at. 16:00 UTC, with shares moving within a $ 0.071 interval representing approx. 20.59% volatility between a session low of $ 0.345 and high of $ 0.416, according to Coindesk Research’s technical analysis model.
- The most notable trading activity took place in the early morning hours of July 12 at 1 p.m. 01:00, UTC, when XLM divides from $ 0.354 to $ 0.393 on a significant amount of 551.38 million units, exceeding the 24-hour average of 234.19 million and establishing technical support near $ 0.354 price level.
- The upward momentum continued through July 12 at. 11am UTC and reached a session high at $ 0.416 before meeting opposition in $ 0.400- $ 0.403 series, where institutional profit setting seemed to limit further progress.
- In the last hour trade from July 12 at 1 p.m. 15:47 UTC to 16:46 UTC demonstrated XLM renewed strength with an advance of 3.89% from $ 0.37 to $ 0.39, expanding the positive momentum of the session.
- The most significant price movement occurred between 16: 03-16: 08 UTC, as shares rose from $ 0.374 to $ 0.385 on elevated volume of 13.16 million and 17.14 million respectively, well above the hourly average of 3.2 million units.
- This activity established technical support around $ 0.385- $ 0.387, with shares consolidated through the last 30 minutes of the session, with market participants looking at potential continuation against $ 0.39- $ 0.40 Resistance levels identified in a broader technical analysis.
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