MoonPay is now supporting PayPal USD, the online payments system's dollar-denominated stablecoin issued by Paxos Trust Company. PYUSD -0.02% can now be purchased on MoonPay via all major payment methods in all supported countries, excluding Canada.

MoonPay's support for PYUSD comes after the two companies announced a strategic integration in May 2024 to let MoonPay users buy and sell crypto using their PayPal accounts.

PYUSD is a dollar-redeemable, payments-focused stablecoin reportedly backed 100% by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents. It was one of the first consumer-facing stablecoins launched by a major financial services company, and fintech giants Robinhood and Revolut are reportedly interested in following suit.

PayPal has long been interested in capturing market share among significant fintech companies operating in the digital assets space. Late last month, PayPal announced plans to enable business customers in the United States to buy, sell, hold and transfer cryptocurrencies.

PayPal's stablecoin surpassed $1 billion in market capitalization in August but has since dropped to approximately $705 million, according to DefiLlama. Following the expansion of PYUSD to Solana, its supply on the network surpassed that of rival blockchain Ethereum. However, the PYUSD supply on Solana has decreased back below the total supply on Ethereum.

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