PayPal Ventures has participated in a funding round for Stable, a layer 1 blockchain network designed to facilitate financial transactions through stablecoins.

Through the partnership, Stable users will now be able to use PayPal USD (PYUSD), a stablecoin issued by PayPal and pegged to the US Dollar, for financial transactions.

Stable said the integration of PYUSD into its network will use LayerZero's recent integration to bridge blockchains programmatically.

The company will also explore efforts to provide cross-chain compatibility and onramp/offramp capabilities for PYUSD, which could unlock new use cases for the stablecoin across different blockchain ecosystems.

The companies added that they have agreed to explore potential future products developed around payments and stablecoin utility in the coming months.

"This work with Stable reflects our commitment to expanding PYUSD's utility across multiple blockchain ecosystems and driving adoption,” said David Weber, head of PYUSD ecosystem at PayPal. “Stable's focus on fast, seamless financial transactions using stablecoins removes traditional friction points for users.

“Together, we will unlock new commerce-related use cases for PYUSD, furthering adoption of stablecoins within the greater financial ecosystem."

In July, PayPal launched a new service that allows businesses to accept payments in over 100 cryptocurrencies.

PayPal said at the time that the new service, Pay with Crypto, will simplify cross-border payments by connecting an “unmatched combination” of cryptocurrencies, digital wallets and merchants whilst also reducing transaction fees by up to 90 per cent.

The service currently supports currencies including Solana and USDC, as well as wallets Coinbase and MetaMask, with more to be added in the future.

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