Ethereum scaling network Arbitrum’s token {{ARB}} is surging on Thursday as speculation arises that the network could be the next to deploy PayPal’s U.S. dollar stablecoin {{PYUSD}}.
The network has recently been listed on PayPal’s cryptocurrency terms and conditions webpage as a supported chain for PYUSD, alongside Ethereum and Solana, where the token is already operational.
“PYUSD is issued by Paxos, not PayPal, on each of the Ethereum, Solana, and Arbitrum cryptocurrency networks,” the page states.
ARB was up 7.7% over the last 24 hours, outperforming Bitcoin’s {{BTC}} and ETH’s gains during the same timeframe.
RialCenter reached out to PayPal and Paxos representatives for comments. Notably, the Stellar blockchain, which was recently announced by PayPal for PYUSD, was missing from the terms.
Digital trading platform Robinhood also selected Arbitrum to develop and launch its tokenized equity offering.
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