- Paypal introduces PYUSD to Venmo users.
- The service is currently available to select users.
- PYUSD is already available on some cryptocurrency exchanges.
To enhance digital payment accessibility, PayPal’s US dollar-backed stablecoin, PayPal USD (PYUSD), debuted on Venmo.
This development comes approximately six weeks after the initial launch of the stablecoin, aimed at bridging the gap between fiat dollars and the web3 ecosystem.
PayPal Integrates with Venmo
According to the official release, the integration allows Venmo users to purchase PYUSD to send to their friends and family, not only on Venmo but also through PayPal and other compatible external wallets, starting September 20th. The service is currently available to select Venmo users but will soon be rolled out to the rest of its user base, per PayPal’s announcement.
The interoperability of PYUSD will simplify transfers between PayPal and Venmo users, facilitating speedy, no-cost transactions for millions of users. External wallet holders and merchants who accept PYUSD payments can also use the feature to receive transfers from Venmo users, albeit subject to blockchain network fees.
Users can access PYUSD on select exchanges, including Bitstamp and Coinbase. The stablecoin is also gaining traction among cryptocurrency wallets like MetaMask and other institutional service providers.
Paypal added that the stablecoin has been greenlisted by the New York State Department of Financial Services, signifying its availability on licensed virtual currency entities in the region.
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