PayPal’s stablecoin, PYUSD, has exceeded a $1 billion market cap after a partnership with Spark, making it the ninth largest stablecoin by market cap. The stablecoin’s market cap has grown over 100% in the past year, reflecting the increasing demand for stablecoins as a way to access the benefits of crypto without volatility. PayPal’s move into stablecoins positions it as a frontrunner in decentralized finance, alongside other firms like Visa and Mastercard partnering with crypto companies. Stablecoins offer more affordable transactions for merchants by eliminating middlemen and associated fees.

Read more at Yahoo Finance: PayPal’s PYUSD Stablecoin Tops $1 Billion Market Cap After Spark Partnership