PayPal, the undisputed pioneer of online transactions, continues to expand the influence of its stablecoin PYUSD. After a successful launch, PYUSD now joins Venmo.
PYUSD integrates with Venmo for wider adoption!
PayPal launching its first cryptocurrency-related services in 2020 and introducing features such as“Checkout with Crypto” in 2021, has clearly demonstrated its commitment to playing an active role in the development of the ecosystem.
A few weeks ago, the company caused a stir in the crypto sector by launching the stablecoin PYUSD. Despite the concerns expressed by Federal Reserve, PayPal has not wavered in its commitment to extend the accessibility of its US dollar-backed product to an ever-wider audience.
This Wednesday, September 20, PayPal announced that PayPal USD, its stablecoin, was already available to some Venmo users, and will be gradually rolled out to all users over the coming weeks. This integration enables users of Venmo to buy PYUSD and send them to other users on PayPal, Venmo, as well as to compatible external portfolios.
In addition, users with compatible external wallets and merchants who accept payments in PYUSD will be able to receive transfers from users of Venmo. PayPal emphasizes the speed and free nature of transfers between PayPal and Venmo.
It should also be noted that the PYUSD has recently received approval from the New York State Department of Financial Services by being included on its green list.
PYUSD already available on several wallets and exchanges
Since its launch, PYUSD has attracted considerable attention. It quickly found itself available on leading platforms such as Crypto.com, Bitstamp, Coinbase and Kraken. It also quickly became available on major wallets such as MetaMask, Ledger and Phantomas well as on Fireblocks, Copper, Paxos and Fordefi. Recently, the crypto company BitPay has also announced its intention to integrate PYUSD.
It’s vital to remember that PYUSD was issued by Paxos Trust, with a total outstanding offering of around $44.4 million. Incidentally, a study conducted in August by blockchain analytics firm Nansen highlighted that almost 90% of PYUSD was held in wallets overseen by Paxos Trust.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.