The Aave community has voted to include PayPal’s PYUSD stablecoin in its Ethereum-based pool. The December proposal has reached a 99.9% quorum and is soliciting further feedback before being finalized later today.
The original proposer, Trident, said liquidity providers will add around 15 million PYUSD to the pool within the first two days of launch. Among the contributors to the pool will be the Paxos Trust, the issuer of the PYUSD stablecoin.
PYUSD Gets DeFi Boost After TradFi Flop
The new proposal follows the inclusion of PYUSD on the decentralized stablecoin application Curve. Trident is offering high-interest rates for PYUSD on Curve. This offering will fuel demand for PYUSD borrowing on Aave.
Read more: What Is a Stablecoin? A Beginner’s Guide
The move comes as PayPal’s stablecoin has struggled to keep up with older rivals. In September, PayPal tapped the exchange Crypto.com to boost PYUSD adoption after the stablecoin was ranked 61 in terms of overall market cap compared to rivals. PYUSD has a circulating supply of around 260 million, according to DeFiLlama.
Read more: 10 Platforms That Provide the Best Interest Rate on Stablecoins
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Author: David Thomas
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