PayPal has teamed up with Spark to boost PYUSD liquidity, with deposits already topping $135 million on the decentralized finance (DeFi) lending protocol.
PayPal has partnered with decentralized finance (DeFi) protocol Spark to expand liquidity for its US dollar stablecoin, PayPal USD (PYUSD).
PayPal’s stablecoin has attracted more than $135 million in deposits since its August listing on SparkLend, a lending market focused on stablecoins, according to a Thursday statement.
SparkLend was launched in 2023 out of the MakerDAO ecosystem and later integrated into Maker’s successor entity, Sky. It runs the Spark Liquidity Layer, which is backed by more than $8 billion in stablecoin reserves, according to the protocol.
