PayPal Introduces PYUSD Stablecoin to Venmo
20 Sep, 2023 ● Coin news
PayPal, the major payment processor based in the United States, has announced that its PYUSD stablecoin is now available on Venmo.
PayPal USD, the company's stablecoin linked to the US dollar, is already available to Venmo customers and will "roll out fully in the coming weeks," according to a blog post published on September 20.
The announcement came about six weeks after PayPal announced the introduction of the stablecoin, stating that it would be issued by Paxos Trust and entirely backed by US dollar deposits, short-term Treasury bills, and comparable cash equivalents.
Nansen, a blockchain analytics startup, stated in August that nearly 90% of PYUSD was kept in Paxos Trust-controlled wallets. BitPay said on September 12 that it would be adding PYUSD support, citing "payment utility and community involvement."
PayPal has been steadily expanding its presence in the crypto field, beginning to accept digital asset payments in 2021 and establishing on- and off-ramps for Web3 payments in 2023. PYUSD was added to the New York State Department of Financial Services' greenlist of coins authorized by the regulator.
“PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows,” stated PayPal. “In the few weeks since its launch in the open market, PYUSD is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken."
Sources:
https://cointelegraph.com/news/paypal-rolls-out-pyusd-stablecoin-venmo
https://newsroom.paypal-corp.com/2023-09-20-PayPal-USD-is-now-available-on-Venmo
