Web3 services platform Chainlink has announced it now supports a PYUSD (PayPal’s USD-backed stablecoin issued by Paxos) Price Feed on the Ethereum mainnet. Secured by the industry-standard oracle network Chainlink, the new PYUSD Price Feed allows users to view highly accurate, reliable, and decentralised market data for PYUSD on the blockchain.

This provides users the information needed to help create secure markets around PYUSD and adopt it as their preferred stablecoin to facilitate on-chain payments. PYUSD is an open and programmable stablecoin backed by dollar deposits, US treasuries, and cash equivalents and is issued by Paxos, a regulated blockchain infrastructure and tokenization platform. PYUSD is transferable on Ethereum, where it serves as collateral for DeFi projects and facilitates payments.

Together, Chainlink and Paxos are advancing the use of tokenized real-world assets (RWAs) and helping scale on-chain finance to billions of users across the globe. How Chainlink facilitates adoption of PYUSD Applications and users across the DeFi space require high-quality, tamper-proof market data in order to establish a secure market around an asset and bootstrap liquidity. Without secure data, applications and the funds held within them would be vulnerable to market manipulation attacks and other exploits.

By securely delivering accurate PYUSD data on-chain, Chainlink Price Feeds help PYUSD to attract initial liquidity and kickstart ecosystem-wide adoption. As a data solution in Web3, Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. Chainlink Price Feeds provide important features such as: High-Quality Data—Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by liquidity depth and cleaned from outliers and suspicious volumes.

Chainlink’s data aggregation model generates precise global market prices that are resistant to API downtime, flash crash outliers and data manipulation attacks like flash loans; Secure Node Operators—Chainlink Price Feeds are secured by independent, security-reviewed oracle nodes run by leading blockchain DevOps teams, data providers, and traditional enterprises with a strong track record for reliability, even during high gas prices and extreme network congestion; Decentralised Network—Chainlink Price Feeds are decentralised at the data source, oracle node, and oracle network levels, generating strong protections against downtime and tampering by either the data provider or the oracle network; Transparency—Robust, publicly available reputation frameworks and on-chain monitoring tools allow users to independently verify the historical performance of node operators and oracle networks, as well as check the real-time prices being offered; Economy of Scale—Chainlink Price Feeds benefit from an economy of scale effect, where increasing adoption allows multiple projects to collectively use and fund shared oracle networks to fetch commonly required datasets. This allows DeFi projects to get premium data quality and robust oracle security for a lower total cost. What does Chainlink do? Chainlink is a decentralised computing platform powering the verifiable web.

Chainlink has enabled over USD 9.3 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors. .