PayPal's PYUSD Stablecoin Now Accessible on Venmo, Full Roll-out Expected Soon
Summary:
PayPal has recently announced that its stablecoin, PYUSD, which is equivalent to the U.S. dollar, is now accessible on Venmo and fully backed by U.S. dollar deposits and similar cash equivalents. The company further revealed plans for a full roll-out on Venmo and incorporation on select exchanges in the coming weeks. Amidst other developments, Crypto firm BitPay announced its support for PYUSD, and PayPal continues to make progress within the crypto market, with PYUSD getting approved and listed on the greenlist of the New York State Department of Financial Services.
Leading payment processing company in the U.S., PayPal, in a recent announcement revealed its PYUSD stablecoin is now accessible via Venmo. On the 20th of September, PayPal confirmed in a blog post that its stablecoin PayPal USD (PYUSD), which is equivalent to the U.S. dollar, has been introduced to Venmo's platform and is set for a complete roll-out in the succeeding weeks. This disclosure follows nearly six weeks after PayPal's previous announcement of PYUSD's launch, which included its plans to be issued by the Paxos Trust while being entirely backed by U.S. dollar deposits, cash equivalents and short-term Treasuries.
According to PayPal, PYUSD has gained prominence in native crypto dealings and it's becoming progressively available aligning with the growth of the ecosystem. Within weeks, post its introduction in the open market, this crypto coin has also been incorporated on select exchanges like Crypto.com, Bitstamp, Coinbase, and Kraken.
Paxos Trust's issued PayPal's USD has been introduced on Venmo for a selection of users and is due for a full launch within the coming weeks. The PayPal USD is set to revolutionize the dynamics of money movement (source: https://t.co/qgDagf5kB5).
In other related news, legal difficulties and limited functionality burden PayPal's new PYUSD stablecoin. As noted in an August report by Blockchain analytics company, Nansen, approximately 90% of PYUSD is maintained in wallets that Paxos Trust controls. Later, on the 12th of September, Crypto firm BitPay declared its plan to incorporate support for PYUSD, citing reasons such as 'community involvement' and 'payment utility.'
PayPal has been steadily making progress within the crypto market, beginning by accepting digital currency payments in 2021 and subsequently, facilitating Web3 payments in 2023. PYUSD was listed on the greenlist of the New York State Department of Financial Services as an approved coin by the regulator.
Published At
9/20/2023 6:32:49 PM
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