Chanlink supports the PYUSD Chainlink Price Feed on the Ethereum mainnet in order to accelerate the promotion of PayPal USD, PayPal’s USD-backed stablecoin published by Paxos. Users can get decentralized, accurate, and reliable PYUSD market data on the blockchain with this current PYUSD Price Feed, which is powered by Oracle’s Chainlink. Users come in for the necessary knowledge on the growth of safe markets centered on PYUSD and choose it as their stablecoin for commencing on-chain transactions.
Paxos introduced PYUSD, a transparent and programmable stablecoin supported by US treasuries, cash equivalents, and dollar deposits. It is possible to move PYUSD to Ethereum, where it serves as collateral for DeFi projects and initiates payments. Tokenized real world assets (RWAs) are becoming more popular, and Chainlink and Paxos are enhancing on-chain funding for many users throughout the world.
For DeFi applications and users to build a secure market around a less liquid asset, high-quality, tamper-proof market data is essential. Chainlink Price Feeds allow PYUSD to attract the first piece of liquidity and begin the ecosystem’s mass acceptance, while also ensuring the release of correct PYUSD data on-chain.
Chainlink facilitates the utilization of DeFi protocols that generate substantial amounts of money in smart contract value while maintaining enhanced security and accessibility in the face of exchange outages, flash failures, and data manipulation threats via flash loans.
Chainlink Price Feeds include a number of important features, including high-quality data, secure node operators, a decentralized network, and transparent cost-of-upgrade and required datasets.
Nick Robnett, senior director of Stablecoin Partnerships at Paxos, asserts that the collaboration with Chainlink will accelerate the adoption of tokenized real-world assets across a range of applications, including on-chain payments.
Johann Eid, chief business officer of Chainlink Labs, stated that the company is ecstatic to introduce a PayPal USD Chainlink pricing Feed and provide Paxos with the secure, dependable, and decentralized pricing data necessary to facilitate the acceptance of PYUSD.
Chainlink is the standard for computer platforms that promote the real web. It has been responsible for facilitating enormous amounts of transaction value. This is achieved by providing financial institutions, entrepreneurs, and developers with real-time data connectivity, off-chain computing, and secure cross-chain interoperability across all blockchains.
Paxos is a top-tier certified blockchain framework and tokenized platform. It serves as the foundation for a new and transparent financial system that can operate more quickly and efficiently. Large multinational firms such as PayPal, Interactive Brokers, MasterCard, and many others use Paxos’ blockchain services.
Source: https://www.cryptonewsz.com/chainlinks-pyusd-price-feed-boosts-paxos-tokenized-rwa-economy/