On June 11, Paypal announced its intention to launch its stablecoin supported by an American dollar, Paypal USD (Pyusd)On the stellar network of the blockchain, pending the regulatory approval of the Department of Financial Services of the New York State. If it is approved, this decision will mark the expansion of Pyusd beyond its current availability on Ethereum and Solana.
Paypal described stellar as a blockchain adapted to low -cost and high speed payments with a real real utility. By adding support to Stellar, the company aims to improve the accessibility and conviviality of Pyusd for payments, cross -border transfers and financial services. Integration should improve daily payment options and offer users widened access to financing tools such as working capital and small businesses, where Stellar is already active.
The press release highlighted the existing global infrastructure of Stellar, including a large network of ramps on and off-breeds, local payment systems and digital portfolios, which could help Pyusd to users in more than 170 countries. Paypal has also highlighted the potential advantages of liquidity and settlement through Payfi, an emerging digital financing mechanism that would allow companies to access capital disbursed in Pyusd on Stellar.
May Zabaneh, Vice-President of Paypal for digital currencies, said that the partnership would help advance the use of blockchain in cross-border payments. Dennel Dixon, CEO of the Stellar Development Foundation, said that collaboration could help provide practical use of emerging markets and small businesses around the world.
Pyusd is emitted by Paxos Trust Company and is entirely supported by cash and cash equivalent reserves, with a fixed buyout value of $ 1.00 per token.
Earlier in a short video published by the Stellar Foundation, Ian Burrill, a main director of Paypal who manages the Crypto engineering team, explained why his business was delighted with the launch of Pyusd on Stellar. Burrill said Stellar is a fast and low cost network and that it extends the scope of Pyusd to 180 countries and more. He continued by saying that allowing traders to use Pyusd on Stellar allows them to send money in real time, which makes capital management more effective.
Technical analysis
- The Stellar XLM token recorded a significant price assessment during a 24 -hour negotiation period at 5:00 p.m. UTC at July 12 at 4:00 p.m. UTC, with actions moving in a range of $ 0.071 representing approximately 20.59% of volatility between the Technical Analysis model of Coinde Research.
- The most notable negotiation activity occurred for early morning on July 12 at 01:00, UTC When XLM shares increased from $ 0.354 to $ 0.393 over a substantial volume of 551.38 million units, considerably exceeding the average of 24 hours of 234.19 million and establishing technical support near the price level of 0.354.
- The upper momentum persisted until July 12 at 11:00 am UTC, reaching a session top of $ 0.416, before meeting resistance from $ 0.400 to $ 0.403 when institutional profit appeared to limit other advances.
- In the last hour of negotiation of July 12 at 3:47 pm UTC at 4:46 pm UTC, XLM demonstrated a renewed force with an advance of 3.89% from $ 0.37 to $ 0.39, extending the positive impetus of the session.
- The largest price movement occurred between 16: 03-16: 08 UTC when the shares increased from $ 0.374 to $ 0.385 over a high volume of 13.16 million and 17.14 million respectively, well above the hourly average of 3.2 million units.
- This activity established technical support of around $ 0.385 to $ 0.387 where the actions consolidated in the last 30 minutes of the session, the participants in the market looking at potential prosecution to resistance levels from $ 0.39 to $ 0.40 identified in a broader technical analysis.
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