Ethereum scaling network Arbitrum’s token ARB is gaining on Thursday as speculation swirled that the network could be next where PayPal’s U.S. dollar stablecoin PYUSD will be deployed.
The network was recently added to PayPal’s cryptocurrency terms and conditions webpage as a supported chain for PYUSD, alongside Ethereum and Solana SOL where the token is already live.
“PYUSD is issued by Paxos, not PayPal, on each of the Ethereum, Solana, and Arbitrum cryptocurrency networks,” the page reads.
ARB was up 7.7% over the past 24 hours, outpacing bitcoin’s BTC and ETH’s gains during the same period.
CoinDesk asked PayPal and Paxos representatives for comment. Notably, the Stellar XLM blockchain, which PayPal announced last month to be added for PYUSD, was not mentioned in the terms.
Digital trading platform Robinhood also picked Arbitrum to develop and roll out its tokenized equity offering.