PayPal and decentralized financing platform Spark has turned up to grow liquidity to Onchain, aiming to scale deposits from $ 100 million today to $ 1 billion in the coming weeks.
Pyusd, issued by Paxos and tied to the US dollar, recently boarded the Sparklend, Spark’s lending market. The integration allows users to deliver and borrow PYUSD with liquidity supported by Spark’s $ 8 billion stableecoin reserve pool.
This approach contrasts with traditional liquidity programs that rely on expensive marketing incentives, rather than offering predictable depth to fixed -life costs.
“Predictable access to deep liquidity is what allows stablecoiner like Pyusd to scale quickly,” said Sam Macpherson, CEO of Phoenix Labs, a kick contributor. He framed the initiative as a plan for how fintech companies can use defi to bootstrap adoption of new stableecoins.
The partnership comes as stableecoins see renewed momentum, with Global Supply climbing nearly $ 30 billion in three months to $ 263 billion and daily transaction quantities topping $ 100 billion.
SPARK previously released $ 630 million in Bitcoin-backed loans to Coinbase.
“With the total defi value approaching $ 150 billion, platforms like kicks are crucial to promoting PYUSD as the cornerstone of Defi with deep liquidity,” said David Weber, head of Pyusd Ecosystem, Paypal in a press release.
