PayPal's Stablecoin PYUSD Now Available on Venmo: Enhancing Payment Efficiencies
PayPal's regulated stablecoin, PYUSD, is now available on Venmo, allowing users to make seamless transfers and purchase PYUSD. This integration marks a significant step forward for Venmo, expanding its reach to millions of users. PYUSD facilitates fast and cost-free transactions between PayPal and Venmo, achieving large-scale interoperability.
Posted 10 months ago in Blockchain
PayPal's regulated stablecoin, PayPal USD (PYUSD), has reached a new milestone by becoming available on Venmo, PayPal's peer-to-peer payment platform. This move comes just over six weeks after the introduction of PYUSD, aiming to connect fiat currencies to the web3 ecosystem and improve payment efficiencies.
According to a press release by PayPal, select Venmo users can now purchase PYUSD and easily transfer it to other PayPal and Venmo users, as well as compatible external wallets. This integration marks a significant step forward for Venmo, expanding its reach to millions of users for both services.
PYUSD facilitates fast and cost-free transactions between PayPal and Venmo, achieving large-scale interoperability. Users can also transfer PYUSD to external wallets and make payments to merchants accepting PYUSD, subject to blockchain network fees.
Since its launch, PYUSD has gained rapid market penetration. It is already listed on major exchanges like Crypto.com, Bitstamp, Coinbase, and Kraken. Notably, it has received support from leading crypto wallets such as MetaMask, Ledger, and Phantom. The stablecoin has also been greenlisted by the New York State Department of Financial Services, further enhancing accessibility for businesses operating in New York.
PayPal's initial stablecoin report shows a total of $44,376,440 tokens outstanding, backed by short-term U.S. Treasuries and other cash equivalents.
Last updated 9/21/2023, 10:43:55 AM
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