According to a recent report by Bloomberg, global payments giant PayPal plans to bring its stablecoin to more of its products.
Millions of merchants will be able to use the PYUSD stablecoin later this year with the company’s bill-pay product.
Ripple President Monica Long has commented that this development “sounds familiar,” seemingly taking a veiled dig at PayPal.
Ripple launched its own stablecoin product in December after securing the necessary regulatory approval. The stablecoin is meant to provide liquidity within the vast Ripple ecosystem.
The total market cap of the Ripple USD (RLUSD) stablecoin currently stands at $125 million, according to CoinGecko data.
