PayProtocol Links USDC and RLUSD to Paycoin Merchants via Squid

PayProtocol will enable payments in USDC and RLUSD directly on the Paycoin mainnet. The move removes the need for separate bridging or swap procedures for merchants.

This infrastructure relies on a new agreement with the cross-chain protocol Squid. The setup allows users to pay with ETH, XRP, or stablecoins while settlement occurs on Paycoin.

Squid enables seamless multichain settlement

According to bloomingbit.io, the companies signed a memorandum of understanding on September 21. This deal creates a direct link between external blockchains and the Paycoin network.

A proof of concept will test payments using Ethereum-based USDC and ETH. It will also support XRP Ledger-based RLUSD and XRP assets for merchant transactions.

Final processing happens entirely on the Paycoin mainnet. This structure eliminates the friction of moving assets across different chain boundaries before settlement.

Merchants choose preferred settlement assets

The system allows merchants to receive proceeds in their specific preferred asset. A user paying in USDC can result in settlement in USDT, USDC, or PCI.

Merchants can also accept a won-based stablecoin for their final balance. This flexibility removes the requirement for businesses to hold multiple volatile cryptocurrencies.

Reduced infrastructure burden for businesses

PayProtocol aims to let merchants support multiple digital assets without extra work. Businesses no longer need to build blockchain-specific wallets or bridges for this function.

This approach reduces the capital required for separate liquidity infrastructure. The unified system simplifies the technical requirements for accepting diverse crypto payments.