In this Blog, you will learn about PayPal’s PYUSD stablecoin is now available on Venmo. So without much to do, let’s get started.
Today, PayPal revealed that Venmo now accepts PYUSD, their stablecoin for payments and transfers. PYUSD is already accessible to a limited number of users and will go live to all users in the upcoming weeks. Users of Venmo can buy PYUSD and send it to others using PayPal, Venmo, and external wallets that are compatible.
Additionally, customers utilizing compatible third-party wallets and businesses taking PYUSD payments will be able to receive transfers from Venmo users. PayPal mentions that there are blockchain network fees.
PYUSD, which debuted this month, is backed by short-term U.S. treasuries, similar cash equivalents, and U.S. dollar deposits. It is issued by Paxos Trust Company. Initially, Paxos Treasury provided around $24.9 million PYUSD. According to Etherscan data, there is currently $44.376 million worth of PYUSD in circulation.
The company stated in a blog post that “PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows.” “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; leading wallets like MetaMask, Ledger, and Phantom; custodians like Fireblocks, Copper, Paxos, and Fordefi; cryptocurrency payment service providers like Bitpay; and already supported by some of the most widely used decentralized applications.”
The New York State Department of Financial Services has approved PYUSD, according to a separate statement.
Stablecoins are a particular kind of cryptocurrency whose value is based on an outside asset, such as the dollar. Stablecoins have generated some debate. Following regulatory outcry, Meta ultimately decided to give up on its ambition to create its own stablecoin, named Diem, last year. According to Bloomberg at the time, PayPal itself halted development of its stablecoin earlier this year due to regulatory monitoring of cryptocurrencies.
When it started enabling users in the United States to purchase, hold, and sell cryptocurrencies in 2020, PayPal became the first company to offer crypto services. Then, in 2021, PayPal announced the rollout of Checkout with Crypto, a tool that lets customers use cryptocurrencies to make purchases at millions of online stores. The business enabled customers to move cryptocurrency from their accounts to other wallets and exchanges last year.
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