PayProtocol to Pursue Paycoin Merchant Payments in USDC, RLUSD
Summary
- PayProtocol said it will build a multichain payments infrastructure that would allow digital assets from different blockchains, including USDC and RLUSD, to be used at Paycoin merchants.
- PayProtocol said its agreement with Squid will test a structure that enables payments at Paycoin merchants using USDC, ETH, RLUSD and XRP without separate bridging or swaps, while final payment processing and settlement take place on the Paycoin mainnet.
- The company said it plans to expand support for payments and settlement across multiple digital assets by allowing merchants to receive settlement in their preferred asset, including a won-based stablecoin, USDT, USDC or PCI, even when a user pays in USDC.
Forecast Trend Report by Period
PayProtocol is moving to build a multichain payments infrastructure that would allow Paycoin merchants to accept digital assets from different blockchains, including USDC and RLUSD.
Digital Asset reported on September 21 that PayProtocol signed a memorandum of understanding with cross-chain swap protocol Squid to link with the Paycoin mainnet and build the multichain payments infrastructure.
The two companies plan to first run a proof of concept to verify a structure that would allow payments at Paycoin merchants using Ethereum-based USDC and ETH, as well as XRP Ledger-based RLUSD and XRP, without separate bridging or swap procedures. Final payment processing and settlement would be handled on the Paycoin mainnet.
They are also considering a settlement model that would let merchants receive proceeds in the asset of their choice. Under that plan, even if a user pays in USDC, a merchant could choose settlement in a won-based stablecoin, USDT, USDC or PCI.
PayProtocol plans to use the system to help merchants support payments and settlement across multiple digital assets without having to build blockchain-specific wallets, bridges or separate liquidity infrastructure themselves.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.