Tuesday, 27 February 2024

Crypto News

Paxos and Chainlink power up PayPal’s PYUSD with price feed integration

Paxos receives nod to expand its stablecoin to Solana

  • Paxos and Chainlink integrate PYUSD Chainlink Price Feed, enhancing its trust and utility.
  • Chainlink’s security features drive PYUSD adoption by ensuring accurate and reliable data.
  • Paxos and Chainlink collaboration marks a milestone in advancing tokenized assets and scaling on-chain finance.

Paxos, a leading regulated blockchain infrastructure and tokenization platform, has partnered with Chainlink, the industry-standard oracle network, to bolster the adoption of PYUSD. By integrating a PYUSD Chainlink Price Feed on the Ethereum mainnet, users now have access to highly accurate and decentralized market data for PYUSD.

This collaboration signifies a significant milestone in advancing the use of tokenized real-world assets (RWAs) and scaling on-chain finance globally. It will further enhance the utility and trustworthiness of PYUSD in online transactions, propelling its role in facilitating on-chain payments to new heights.

Chainlink driving PYUSD adoption

Chainlink’s market-leading security features play a pivotal role in driving the adoption of PYUSD. With applications and users across the DeFi space requiring high-quality, tamper-proof market data, Chainlink Price Feeds ensure the accuracy and reliability needed to establish secure markets around PYUSD. This integration not only helps attract initial liquidity but also fosters ecosystem-wide adoption by providing transparent and decentralized price data on-chain.

By leveraging Chainlink’s decentralized network, PYUSD users can trust the stability and integrity of the stablecoin for their transactions. Chainlink Price Feeds offer critical features such as high-quality data sourced from premium aggregators, secure node operators, decentralization at various levels, and an economy of scale effect. These features collectively contribute to enhancing the security, reliability, and transparency of the PYUSD ecosystem, paving the way for its widespread adoption in the smart contract ecosystem.

With Paxos enabling PayPal to issue PYUSD on-chain and Chainlink providing the secure, reliable, and decentralized price data needed for its adoption, the collaboration between these industry leaders marks a significant milestone in advancing the tokenized economy and modernizing the global financial system.

This integration not only reinforces the role of blockchain technology in revolutionizing…

Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…