Crypto 349

09/10 12:36

Paxos updates USDH stablecoin bid with PayPal, Ven

Paxos updates USDH stablecoin bid with PayPal, Venmo integration plans

Paxos updated its bid to issue Hyperliquid’s USDH stablecoin, unveiling a PayPal-backed product with payment integration and a revenue model tied to the DEX’s growth.

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Stablecoin issuer Paxos has updated its proposal to issue USDH, the planned stablecoin of decentralized exchange (DEX) Hyperliquid, adding support from PayPal and Venmo.

In a Wednesday announcement, Paxos updated its Saturday proposal to issue USDH. The firm stated that “PayPal has committed to supporting the Hyperliquid ecosystem,” by listing the HYPE token, supporting the new stablecoin with free on and off-ramps and supporting both USDH and Hyperliquid (HYPE) for PayPal checkout.

PayPal would also provide $20 million in incentives committed to the HYPE ecosystem and integrate USDH into its payment app, Venmo, and money remittance service, Xoom. Paxos also stated that its regulatory standing in the European Union would allow its stablecoin to circulate there as well, “ensuring that USDH can scale globally.”

The update also aims to tie the issuer’s interest to that of the Hyperliquid ecosystem, promising that “Paxos only wins if Hyperliquid wins.” “Paxos takes nothing until we reach $1B in TVL and stays capped at 5% post $5 billion [total value locked] TVL,” Paxos said. “Any fees earned by Paxos through this milestone will be held in HYPE tokens,” it added.

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