On June 11, the Paypal announced Plan to launch US dollar supported by Stablecoin, Paypal USD (PASUSD)In the Stellar Blockchain Network, it is awaiting regulation from the New York State Department of Financial Services. If approved, the move will mark the expansion of the pyusd beyond its current existence in Ethereum and Solana.
Paypal described Stellar as a blockchain tailored for low cost, high speed payment with strong utility in the world. By adding support for Stellar, the company aims to improve the access and availability of pyusd for payments, cross-border shifts, and financial services. Integration is expected to enhance the sun -day -to -day -day -to -day choices and provide expanded access to financing tools such as working capital and small business loans -a place where Stellar is 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 will help bring the pyusd to users in more than 170 countries. Paypal also featured potential benefits for liquidity and settlement through Payfi, an emerging digital financing mechanism that would allow businesses to access real-time capital disbursed to PUSD in Stellar.
Zabaneh, the vice president of PayPal for digital currencies, said that cooperation will help promote blockchain use in cross-border payments. Denelle Dixon, CEO of the Stellar Development Foundation, said the collaboration would help bring a practical stablecoin to be used in emerging markets and small businesses worldwide.
The PASSD was issued by the Paxos Trust Company and was fully backed by cash and cash equivalent, with a fixed redemption amount of $ 1.00 per token.
Earlier this in a Short video Released by the Stellar Foundation, Ian Burrill, a Senior Director at Paypal in charge of the crypto engineering team, explained why his firm was so excited about the launch of the pyusd in Stellar. Burrill said Stellar was a fast, inexpensive network and it expanded the reach of the pyusd to 180 with the countries. He said that enabling merchants who used pyusd in Stellar enables them to send money in real-time, which makes for better capital management.
Technical analysis
- Stellar’s XLM token recorded significant price appreciation within a 24-hour trading period from July 11 to 17:00 UTC to July 12 at 16:00 UTC, with shares moving within a $ 0.071 range representing approximately 20.59% volatility between a session of less than $ 0.345 and high $ 0.416 of the review of technical research research by CoinDesk.
- The most prominent trading activity occurred in the early morning hours of July 12 and 01:00, the UTC when the XLM shared advanced from $ 0.354 to $ 0.393 to a large volume of 551.38 million units, significantly exceeding the 24-hour average of 234.19 million and establishing technical support near $ 0.354 level.
- The upward momentum proceeded by July 12 at 11:00 UTC, reaching a session of $ 0.416, before finding a resistance to $ 0.400- $ 0.403 in which the institution’s income income appeared to limit further advancement.
- During the last hours of trading from July 12 and 15:47 UTC to 16:46 UTC, XLM showed a modified strength with a 3.89% advancement from $ 0.37 to $ 0.39, expanding the positive session momentum.
- The most significant price movement occurred between 16: 03-16: 08 UTC when the shares climbed from $ 0.374 to $ 0.385 to a raised volume of 13.16 million and 17.14 million respectively, which is more than a time of average of 3.2 million units.
- This activity established technical support around $ 0.385- $ 0.387 which combined shares in the last 30 minutes of the session, with market participants looking at the potential continuity towards $ 0.39- $ 0.40 resistance levels identified with greater technical examination.
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