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#PayPal's #PYUSD Stablecoin Reaches $135M on #Spark DeFi Platform
$PYUSD has attracted over $135 million in deposits since its August listing on SparkLend, according to Thursday's announcement. PayPal's stablecoin integration represents a significant milestone for institutional #DeFi adoption. The partnership aims to expand liquidity for PayPal's dollar-pegged digital currency.
Spark operates a non-custodial lending protocol where users deposit stablecoins into Spark Savings and receive yield tokens. The platform maintains over $8 billion in stablecoin reserves through its Liquidity Layer infrastructure. This substantial backing provides stability for lending operations.
Sam MacPherson, Phoenix Labs co-founder and Spark contributor, explained that PayPal selected the protocol for its unique capital deployment capabilities. Spark can actively deploy funds across other DeFi protocols, maximizing yield opportunities. This feature distinguishes it from traditional lending platforms with static reserve management.
