Latest news with #MayZabaneh
Yahoo
6 days ago
- Business
- Yahoo
Stellar Performance From XLM as It Posts Top 24H Percentage Gain Among Top 20 Cryptos
On June 11, PayPal announced plans to launch its U.S. dollar-backed stablecoin, PayPal USD (PYUSD), on the Stellar blockchain network, pending regulatory approval from the New York State Department of Financial Services. If approved, the move would mark the expansion of PYUSD beyond its current availability on Ethereum and Solana. PayPal described Stellar as a blockchain tailored for low-cost, high-speed payments with strong real-world utility. By adding support for Stellar, the company aims to improve the accessibility and usability of PYUSD for payments, cross-border transfers, and financial services. The integration is expected to enhance daily payment options and provide users with expanded access to financing tools such as working capital and small business loans—areas where Stellar is already active. The press release emphasized Stellar's existing global infrastructure, including a broad network of on- and off-ramps, local payment systems, and digital wallets, which could help bring PYUSD to users in over 170 countries. PayPal also highlighted potential benefits for liquidity and settlement through PayFi, an emerging digital financing mechanism that would allow businesses to access real-time capital disbursed in PYUSD on Stellar. May Zabaneh, PayPal's vice president for digital currencies, said the partnership would help advance the use of blockchain in cross-border payments. Denelle Dixon, CEO of the Stellar Development Foundation, said the collaboration could help bring practical stablecoin use to emerging markets and small businesses globally. PYUSD is issued by Paxos Trust Company and is fully backed by cash and cash-equivalent reserves, with a fixed redemption value of $1.00 per token. Earlier this in a short video released by Stellar Foundation, Ian Burrill, a Senior Director at PayPal who manages the crypto engineering team, explained why his firm was excited about the launch of PYUSD on Stellar. Burrill said that Stellar is a fast, low-cost network and it extends PYUSD's reach to 180 plus countries. He went on to say that enabling merchants to use PYUSD on Stellar lets them send money in real-time, which makes for more efficient capital management. Technical Analysis Stellar's XLM token recorded significant price appreciation during a 24-hour trading period from July 11 at 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 low of $0.345 and high of $0.416, according to CoinDesk Research's technical analysis model. The most notable trading activity occurred during early morning hours on July 12 at 01:00, UTC when XLM shares advanced from $0.354 to $0.393 on substantial volume of 551.38 million units, significantly exceeding the 24-hour average of 234.19 million and establishing technical support near the $0.354 price level. The upward momentum persisted through July 12 at 11:00 UTC, reaching a session high of $0.416, before encountering resistance in the $0.400-$0.403 range where institutional profit-taking appeared to limit further advances. In the final hour of trading from July 12 at 15:47 UTC to 16:46 UTC, XLM demonstrated renewed strength with a 3.89% advance from $0.37 to $0.39, extending the session's positive momentum. The most significant price movement occurred between 16:03-16:08 UTC when shares climbed from $0.374 to $0.385 on elevated 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 around $0.385-$0.387 where shares consolidated through the session's final 30 minutes, with market participants eyeing potential continuation toward the $0.39-$0.40 resistance levels identified in broader technical analysis. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Yahoo
12-06-2025
- Business
- Yahoo
PayPal seeks to launch USD stablecoin on Stellar
PayPal has revealed plans to make its USD stablecoin, PYUSD, available on the Stellar network, pending regulatory approval from the New York State Department of Financial Services. The deployment is intended to capitalise on the network's attributes, including 'fast, low-cost payments' to facilitate payments and financial services, the payments firm said in a statement. The Stellar network is known for its 'speed, low transaction costs', which could be leveraged by PYUSD to provide an alternative to networks such as Ethereum and Solana. The integration is expected to enhance PYUSD's utility for various financial operations, including cross-border payments and micro-financing. PYUSD users would gain access to Stellar's network of entry and exit points, aiming to improve the usability of the stablecoin for everyday financial transactions. This includes services from payments to remittances and merchant services. Additionally, PYUSD on Stellar could offer new liquidity and financing opportunities through Payment Financing or 'PayFi'. This allows for instant settlement on the Stellar network, which businesses could use for operational needs such as paying suppliers or managing inventory. Blockchain, Cryptocurrency, and Digital Currency Group vice president May Zabaneh said: 'As we see cross border payments being a key area where digital currencies can provide real world value, working with Stellar will help advance the use of this technology and provide benefits for all users." Stellar Development Foundation CEO Denelle Dixon stated: 'By bringing PYUSD to 170+ countries, we're transforming stablecoins into practical financial tools that millions of everyday users and merchants can actually use. Together, we are bringing stable digital currency to small businesses and individuals in emerging markets all over the globe." This announcement follows a recent partnership between Mastercard and PayPal, which aims to expand payment choices for users at checkout. "PayPal seeks to launch USD stablecoin on Stellar " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
12-06-2025
- Business
- Finextra
PayPal to bring stablecoin to Stellar Network
PayPal is hoping to strengthen the utility of its stablecoin by making it available on the high-speed, low-cost Stellar blockchain network. 0 Already available on Ethereum and Solana, PYSUD will come to Stellar pending regulatory approval by the New York State Department of Financial Services. PayPal says that PYUSD on Stellar can be used for fast, affordable real-world payments, remittances, commerce, and micro-financing. The move would give the stablecoin access to Stellar's vast network of on and off ramps, providing additional access through digital wallets, and connected to local payment systems and cash networks. "As we see cross border payments being a key area where digital currencies can provide real world value, working with Stellar will help advance the use of this technology and provide benefits for all users," says May Zabaneh, VP, blockchain, cryptocurrency, and digital currency group, PayPal. PayPal is also touting enhanced liquidity and financing opportunities through Payment Financing or 'PayFi'. SMBs that face delayed receivables or pre-funding requirements would be able to access new sources of real-time working capital, disbursed in PYUSD.
Yahoo
11-06-2025
- Business
- Yahoo
PayPal Brings Its Stablecoin to Stellar for Cross-Border Remittances, Payments Financing
PayPal (PYPL) is bringing its PYUSD stablecoin to the Stellar blockchain network to strengthen the dollar-pegged token's position in cross-border remittances and payment financing, the companies said on Wednesday. PYUSD, which already operates on Ethereum and Solana, will expand to Stellar to explore new areas like payment financing, or "PayFi". This allows small and medium-sized businesses that face delayed receivables or pre-funding requirements to access new sources of real-time working capital, disbursed in PYUSD, according to a press release. That capital can be used to pay suppliers, manage inventory or address other operational needs with instant settlement on Stellar, the companies said. Stablecoins, digital tokens whose value is pegged to a real-world asset, rose to popularity as a way to trade in and out of cryptocurrencies without having to convert to fiat cash. More recently, much of the action has been on the rapid growth of cross border remittances and other innovations within the payments arena. "For years, stablecoins have been deemed crypto's 'killer app' by combining the power of the blockchain with the stability of fiat currency. As we see cross border payments being a key area where digital currencies can provide real world value, working with Stellar will help advance the use of this technology and provide benefits for all users," said May Zabaneh, PayPal's vice president for blockchain, cryptocurrency and digital currencies. The partnership announcement has been approved by the New York Department of Financial Services (NYDFS), which requires a final review of the product integration before going live, Stellar said via email. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
