Paypal Stablecoin PYUSD Now Available on Venmo
Paypal has announced that Venmo users can now use the company’s stablecoin, PYUSD, on the platform. Initially, this feature is being rolled out to select Venmo users, but it will soon be available to all customers. This means that you will be able to purchase PYUSD and send it to friends and family on Paypal, Venmo, and compatible external wallets.
Fast and Free Transfers, with Exceptions
Paypal emphasizes that transfers between Paypal users and Venmo are fast and free, except for blockchain network fees. It’s important to note that PYUSD is an ERC20 token, which means it is subject to fees associated with the Ethereum fee market and block space.
Availability on Various Platforms
PYUSD is now available on multiple platforms, including Coinbase, Crypto.com, Bitstamp, Kraken, MetaMask, Ledger, Phantom, Bitpay, and Fireblocks. This provides you with flexibility in managing your stablecoin across different services.
Approval by New York State Department of Financial Services
In addition to this development, Paypal highlights its recent approval by the New York State Department of Financial Services. This regulatory approval further solidifies the legitimacy and compliance of PYUSD.
Transparency Report Reveals Reserves
PYUSD recently released its first transparency report which disclosed that the stablecoin is backed by cash and U.S. Treasury reverse repurchase agreements as reserves. This transparency provides reassurance about the stability and security of PYUSD.
PYUSD Coin Circulation Statistics
As of September 20th, there are approximately 44.37 million PYUSD coins in circulation. There are 698 distinct addresses holding PYUSD, with a total of 3,354 transfers executed since the currency’s launch. The top 100 holders collectively own 99.96% of the PYUSD supply, which is equivalent to 44,358,474.05 PYUSD tokens.
Hot Take: PYUSD Integration Boosts Venmo’s Crypto Capabilities
The integration of PYUSD into Venmo represents a significant step forward for the platform’s cryptocurrency capabilities. By offering users access to a stablecoin, Paypal and Venmo are expanding their range of financial services and giving you more options for managing your digital assets. This move also demonstrates the growing acceptance and adoption of cryptocurrencies in mainstream payment platforms. With the ability to purchase and send PYUSD, you have greater flexibility and convenience in using cryptocurrencies for everyday transactions. As Paypal continues to enhance its crypto offerings, it is positioning itself as a key player in the evolving digital financial landscape.
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