PayPal USD Stablecoin Now Available on Venmo
To improve the accessibility of digital payments, PayPal has introduced its US dollar-backed stablecoin, PayPal USD (PYUSD), on Venmo. This move comes around six weeks after the initial launch of the stablecoin, which aims to bridge the gap between traditional fiat dollars and the web3 ecosystem.
According to the official release, Venmo users can now purchase PYUSD to send to their friends and family not only on Venmo but also through PayPal and other compatible external wallets. The integration was made available from September 20th and is currently accessible to select Venmo users. However, PayPal plans to roll it out to all users soon.
Simplified Transfers and Enhanced Interoperability
The integration of PYUSD on Venmo simplifies transfers between PayPal and Venmo users, enabling fast and free transactions for millions of individuals. External wallet holders and merchants accepting PYUSD payments can also receive transfers from Venmo users, although they may be subject to blockchain network fees.
PYUSD can be accessed on various exchanges like Bitstamp and Coinbase. It is also gaining popularity among cryptocurrency wallets such as MetaMask and other institutional service providers.
New York State Department of Financial Services Approval
PayPal emphasized that the stablecoin has received greenlisting from the New York State Department of Financial Services. This approval indicates that PYUSD is available for use on licensed virtual currency entities in the region.
Hot Take: Expanding Digital Payment Accessibility with PYUSD on Venmo
The introduction of PayPal’s USD stablecoin, PYUSD, on Venmo marks a significant step towards enhancing digital payment accessibility. By integrating this stablecoin into their platform, Venmo enables its users to easily send and receive PYUSD to friends, family, and external wallets. The simplified transfers and enhanced interoperability between PayPal and Venmo users will streamline transactions for millions of individuals. Additionally, the approval from the New York State Department of Financial Services further solidifies PYUSD’s legitimacy and availability in licensed virtual currency entities. As PYUSD gains traction among exchanges, wallets, and service providers, it continues to foster the growth of digital payments in the evolving web3 ecosystem.
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