PayPal Teams Up with Spark to Increase its PYUSD Deposits to $1 Billion

BlockBeats News, September 25th, according to CoinDesk, PayPal has partnered with the decentralized finance platform Spark to drive on-chain liquidity growth for PYUSD, with the goal of expanding the current $100 million deposit size to $1 billion in the coming weeks.

PYUSD, issued by Paxos and pegged to the US dollar, has recently been integrated into Spark's lending market, SparkLend. This integration allows users to deposit and borrow PYUSD, with liquidity supported by Spark's $8 billion stablecoin reserve pool.