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 <p class="is-style-lead">International payment giant PayPal has completed its first investment using its <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> PayPal USD (PYUSD).</p>
 <p>In a press release on Jan. 29, the San Jose-headquartered payment company said that its investment branch, PayPal Ventures has thrown its support behind Mesh, a crypto-focused cybersecurity startup that uses PYUSD, an Ethereum-based stablecoin.</p>
 <p>This move marks the first time that PYUSD has been used as a funding instrument. The specific financial details are undisclosed. However, the company pointed out that the investment was made “almost entirely” in PYUSD, funds transferred on-chain utilizing Mesh’s Application Programming Interfaces (APIs), PayPal added.</p>
 <blockquote class="wp-block-quote">
  <p>“As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> serving as the first beachhead where this is possible.”</p>
  <p>Amman Bhasin, partner at PayPal Ventures</p>
 </blockquote>
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 <p>Established in 2020, Mesh is a fintech connection layer that provides enterprise clients with the ability to enable crypto payments, account aggregation, and trading via 300+ platforms.</p>
 <p>This investment represents PayPal’s first use case of PYUSD for venture deals, despite the <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> garnering attention from U.S. regulators.</p>
 <p>As reported by crypto.news in November 2023, PayPal faced an investigative subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its stablecoin. The details behind the investigation, however, remain unclear.</p>
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 <p>PayPal&nbsp;launched&nbsp;its <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> in Aug. 2023 in collaboration with <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> infrastructure firm Paxos. The&nbsp;<a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>&nbsp;is backed by U.S. dollar deposits as well as short-term U.S. Treasuries and other cash equivalents that help ensure its stability, issuers claim.</p>
 <p>PYUSD allows users to convert digital currencies into U.S. fiat, a key feature that it hopes will spread stablecoin adoption worldwide. The latest funding arrangement with Mesh signals a more widespread approach to its web3 integration pans, with the stablecoin presently eighth out of the top ten stablecoins only a year after launch, accumulating an impressive $300 million market capitalization.</p>
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   <img decoding="async" width="1576" height="1161" src="https://cdn.thebittimes.com/images/2024/01/30/71a1181fa74c329f63e52b5478b0fd8f.webp" alt="PayPal backs crypto security startup Mesh with its PYUSD stablecoin - 1"> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/paypal-backs-crypto-security-startup-mesh-with-its-pyusd-stablecoin-tbt78189.html">https://thebittimes.com/paypal-backs-crypto-security-startup-mesh-with-its-pyusd-stablecoin-tbt78189.html</a></p>

PayPal backs crypto security startup Mesh with its PYUSD stablecoin

TheBitTimes

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