To accelerate the adoption of PayPal USD (PYUSD), PayPal’s USD-backed stablecoin issued by Paxos, Chainlink now supports a PYUSD Chainlink Price Feed on Ethereum mainnet. Secured by the industry-standard oracle network Chainlink, this new PYUSD Price Feed allows users to view highly accurate, reliable and decentralized market data for PYUSD on the blockchain. This provides users the information needed to help create secure markets around PYUSD and adopt it as their preferred stablecoin to facilitate on-chain payments. 

PYUSD is an open and programmable stablecoin backed by dollar deposits, US treasuries and cash equivalents and is issued by Paxos, the leading regulated blockchain infrastructure and tokenization platform. PYUSD is transferable on Ethereum, where it serves as collateral for DeFi projects and facilitates payments. Together, Chainlink and Paxos are advancing the use of tokenized real-world assets (RWAs) and helping scale on-chain finance to billions of users across the globe. 

How Chainlink’s Market-Leading Security Helps Drive Adoption of PYUSD

Applications and users across the DeFi space require high-quality, tamper-proof market data in order to establish a secure market around an asset and bootstrap liquidity. Without secure data, applications and the funds held within them would be vulnerable to market manipulation attacks and other exploits. By securely delivering accurate PYUSD data on-chain, Chainlink Price Feeds help PYUSD to attract initial liquidity and kickstart ecosystem-wide adoption. 

As the market-leading price data solution in Web3, Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. 

Chainlink Price Feeds provide a multitude of critical features such as:

• High-Quality Data—Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by liquidity depth and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates precise global market prices that are resistant to API downtime, flash crash outliers and data manipulation attacks like flash loans.
• Secure Node Operators—Chainlink Price Feeds are secured by independent, security-reviewed oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion. 
• Decentralized Network—Chainlink Price Feeds are decentralized at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network.
• Transparency—Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered.
• Economy of Scale—Chainlink Price Feeds benefit from an economy of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows DeFi projects to get premium data quality and robust oracle security for a lower total cost.

“We’re excited to collaborate with Chainlink in driving the adoption of tokenized real-world assets (RWAs) across a variety of use cases, including on-chain payments. Paxos’ platform enables PayPal to issue PYUSD on-chain, while Chainlink’s industry-standard PYUSD/USD Price Feed helps accelerate the stablecoin’s adoption across the smart contract ecosystem.” –Nick Robnett, Senior Director of Stablecoin Partnerships, Paxos

“We’re thrilled to launch a PayPal USD Chainlink Price Feed and help provide Paxos with the secure, reliable and decentralized price data needed to boost the adoption of PYUSD. With enterprise-grade infrastructure and a proven history of reliability, Chainlink enables premier financial organizations to enter and grow the world of on-chain finance.”– Johann Eid, Chief Business Officer of Chainlink Labs

About Chainlink

Chainlink is the industry-standard decentralized computing platform powering the verifiable web. Chainlink has enabled over $9.3 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors. 

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.

About Paxos

Paxos is the leading regulated blockchain infrastructure and tokenization platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Its blockchain solutions are used by leading global enterprises like PayPal, Interactive Brokers, Mastercard, Mercado Libre, Nubank, and more, It is the issuer of numerous regulated digital assets including PayPal USD (PYUSD), Pax Dollar (USDP) and Pax Gold (PAXG). Prudentially regulated by the NYDFS in the US and the MAS in Singapore, Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system. Learn more.