PayPal Announces PYUSD Stablecoin Now Available on Venmo
PayPal announced today that its stablecoin for payments and transfers, called PYUSD, is now available on Venmo. This new feature will be rolling out fully in the coming weeks, but select users can start using it today.
Purchasing and Sending PYUSD
Venmo users can purchase PYUSD and easily send it to others on PayPal, Venmo, and compatible external wallets. Additionally, users with compatible external wallets and merchants accepting payments in PYUSD can receive transfers from Venmo users. It’s worth noting that blockchain network fees apply in these transactions.
About PYUSD
Released last month, PYUSD is a stablecoin issued by Paxos Trust Company. It is backed by U.S. dollar deposits, short-term U.S Treasuries, and similar cash equivalents. The total circulating supply of PYUSD is currently $44.376 million, according to Etherscan data. New York State Department of Financial Services has also greenlisted PYUSD.
Broad Availability and Adoption
The availability and usage of PYUSD are expanding rapidly. Since its launch, PYUSD has been integrated into various platforms, including exchanges like Crypto.com, Bitstamp, Coinbase, and Kraken; popular wallets such as MetaMask, Ledger, and Phantom; custodians like Fireblocks, Copper, Paxos, and Fordefi; and crypto payment service providers like Bitpay. Furthermore, several widely used decentralized applications already support PYUSD.
About Stablecoins
A stablecoin is a type of cryptocurrency whose value is tied to an external asset, usually the U.S. dollar. Stablecoins like PYUSD provide a level of stability and convenience for users in cryptocurrency transactions.
PayPal’s Crypto Services
In 2020, PayPal introduced its crypto services, allowing users in the United States to buy, hold, and sell cryptocurrencies. The company continued to expand these capabilities by launching Checkout with Crypto in 2021, enabling consumers to make purchases at millions of online businesses using cryptocurrency. Additionally, PayPal offers the ability to transfer cryptocurrency from user accounts to other wallets and exchanges.