PayPal Ventures has invested in Stable to bring PayPal USD to Stablechain, aiming to expand its distribution and make global payments faster and cheaper, according to a blog post Monday.
Stable’s blockchain, built for stablecoin transactions with sub-second finality and low fees, is designed to fix the infrastructure issues that have slowed adoption, the company said.
The size of the investment was not disclosed.
Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing among other things a payment infrastructure, and are also used to transfer money internationally.
Tether’s USDT is the world’s largest stablecoin, followed by Circle’s (CRCL) USDC.
Both companies said the move will unlock new commerce use cases, particularly in emerging markets where dollar-based payments have the biggest impact.
With PYUSD now live on Stablechain, the partnership marks a step toward taking stablecoins beyond crypto-native use and into everyday payments and financial products, Stable said.
Read more: U.S. Stablecoin Battle Could Be Zero-Sum Game: JPMorgan