Arbitrum's ARB Token Climbs Amid PayPal Stablecoin Speculations
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Arbitrum's ARB Token Climbs Amid PayPal Stablecoin Speculations

Arbitrum's ARB token rises as it's noted as a potential support chain for PayPal's PYUSD stablecoin, sparking optimism among investors.

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Arbitrum’s ARB Token Climbs Amid PayPal Stablecoin Speculations

PayPal’s cryptocurrency terms now feature the Arbitrum network as a potential chain for its Paxos-issued US dollar stablecoin, PYUSD, although no official agreement has been made yet.

What to Know:

  • ARB surged by 7.7% in value within 24 hours, outperforming both Bitcoin and Ethereum.
  • The Arbitrum network has been indicated as a supported chain for PYUSD along with Ethereum and Solana.

Background:

Ethereum scaling network Arbitrum’s token (ARB) is witnessing a rise in speculation that it may support PayPal’s stablecoin (PYUSD). Recently, it was added to PayPal’s crypto terms, highlighting its potential for the stablecoin’s deployment. During the same period, ARB’s price performance eclipsed that of bitcoin (BTC).

“PYUSD is issued by Paxos, not PayPal, on each of the Ethereum, Solana, and Arbitrum cryptocurrency networks,” the terms state.

Digital trading platform Robinhood is also leveraging Arbitrum to launch its tokenized equity offering.

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