Aave Chan Initiative is thrilled to announce the successful addition of PayPal USD (PYUSD) to Aave v3 Ethereum, under its Skywards Program.
As a USD stablecoin, PYUSD will join other stablecoins like USDC and USDT as a listed asset on Aave. Issued by Paxos, PYUSD has grown to a supply of over $300m since its launch last year.
Aave continues to be at the forefront of DeFi innovation, and the listing of PYUSD highlights the DAO’s commitment to supporting a diverse set of DeFi assets. The addition of PYUSD was proposed by Trident in December of 2023 and is part of an expanded set of assets Aave is onboarding this year. As the asset grows in popularity, there could be various opportunities to utilize PYUSD in DeFi and it could become an attractive asset for Aave users to borrow.
Nick Robnett, Senior Director of Stablecoin Partnerships at Paxos, said: “ We’re thrilled Aave has chosen to onboard PYUSD and are excited about future opportunities to provide more utility to Aave users and the greater DeFi community”.
Marc Zeller, founder of the ACI said: “Onboarding PYUSD into Aave is a significant milestone to the protocol and the desire to add as many options when it comes to users depositing and interacting with stablecoins”
To learn more about the PYUSD integration, visit the official governance forum here.
Relevant links:
[ARFC] Add PYUSD to Aave V3 Ethereum Market
[AIP] Add PYUSD to Aave V3 Ethereum Market
Contact Information:
ACI: [email protected]
Marc Zeller - Founder, ACI.
Telegram: @Lemiscate