New Coins on the Block: DAI and PYUSD Now Supported!

Liam Thomson
• Publilshed
November 6, 2023

We're excited to introduce the latest supported stablecoins - DAI and PYUSD (PayPal USD). Joining the ranks of the top two stablecoins, USDC and USDT, these new additions unlock one of the oldest stablecoin ecosystems in MakerDAO’s DAI, as well as one of the latest stablecoins, PYUSD launched by fintech giant PayPal. 

Here's a deeper dive into what's new.

Topping Up Made Effortless

Adding funds to your wallet is easy. Simply tap the 'Top Up' section in the app, select your preferred stablecoin - be it DAI, PYUSD, USDC, or USDT, select the supported blockchain, copy your unique wallet address, and you’re all set! Once your stables have hit your wallet, your balance will be updated in real time. 

Welcome the Newcomers

What is DAI?

DAI is an Ethereum-based stablecoin governed by MakerDAO. DAI is backed by a combination of tokenised real-world assets such as US treasuries, digital assets like Ethereum and other stablecoins, including USDC and USDT.

What is PYUSD? 

PYUSD, or PayPal USD, is backed 1:1 by US dollar deposits, US treasuries, and similar cash equivalents held by and on behalf of PayPal. PYUSD is currently only supported on the Ethereum blockchain and are redeemable for $1 USD with PayPal.

PayPal’s foray into digital assets and now stablecoins demonstrates their belief in blockchain as a payment rail, as well as the demand for US dollar stablecoins across the globe.

More Stablecoins Right At Your Fingertips

We’ve added both DAI and PYUSD in order to support the broader stablecoin ecosystem beyond USDC and USDT, bringing us a step closer to a global financial ecosystem where boundaries blur. With just a few simple taps, you can send, spend and earn with your stablecoin balance with Stables seamlessly.

As we continue to broaden our supported stablecoins, we will also be adding new blockchains over the coming months, further accelerating the adoption of stablecoins globally

Get started with Stables

Download the Stables app now - and experience the speed and security of stablecoins today.

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