Arbitrum (ARB) is among the biggest gainers today, with holders enjoying double-digit gains in the last 24 hours. 🎉
The surge comes after the news of the Ethereum Layer-2 (L2) network integrating with PayPal. Imagine that, a bit of magic from the tech giant!
As of this writing, ARB has been trading for $0.4395, up by 10.37% in the last 24 hours. CoinGecko data shows it is the third biggest gainer among the crypto top 60, after Pump.fun (PUMP) and Pudgy Penguins (PENGU).
PENGU draws hype from Tron founder Justin Sun’s recent foray into the Pudgy Penguins huddle. Meanwhile, PUMP price is buoyed by Pump.fun’s buyback mechanism, which reduces the circulating supply. But let’s not get too distracted by the penguins and the pumps, shall we?
However, tailwinds for the Arbitrum price came after PayPal announced the expansion of PYUSD to the Arbitrum network. It’s like PayPal decided to sprinkle some fairy dust on the L2 network!
INTEL: Paypal Plans to Expand PYUSD Stablecoin to Arbitrum Chain
— Solid Intel (@solidintel_x) July 16, 2025
While PayPal supports PYUSD, Paxos issues the US dollar-denominated stablecoin on the Ethereum and Solana networks. With the latest development, however, Arbitrum joins the list, effectively becoming a PYUSD-supported blockchain. It’s like joining the cool kids’ club!
PayPal initially launched PYUSD on Ethereum in August 2023, with the network’s protocol-level activities attracting projects. It’s like they saw the potential and decided to give it a big thumbs up! 👍
Notwithstanding, there remains skepticism about sustainability, given the crypto industry’s history with high-yield stablecoins like Terra’s failed algorithmic UST stablecoin. This explains the stagnating PYUSD market cap, down nearly 17% from its June 10 high of $1.01 billion. But hey, every story needs a bit of drama, right? 🎭
However, users must note that PYUSD, unlike UST, is backed by the dollar. This means each PYUSD token issued is supported by an equivalent dollar in reserve. So, it’s like having a piggy bank that’s always full! 🐷
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2025-07-16 14:45