PayPal USD (PYUSD) Expands Reach with Venmo Integration

PayPal’s stablecoin, PayPal USD (PYUSD), which is pegged to the U.S. dollar, has extended its accessibility by now being offered on Venmo, PayPal’s peer-to-peer payment platform.

This development comes just over six weeks following the introduction of PYUSD, with the primary objective of bridging fiat currencies with the Web3 ecosystem and streamlining payment processes. According to an official statement from PayPal, select Venmo users can now purchase PYUSD and effortlessly transfer it to other PayPal and Venmo users, as well as to compatible external wallets.

PayPal’s acquisition of Venmo back in 2013 marked a significant strategic move that expanded the company’s presence in the peer-to-peer payments arena. The integration of PYUSD into the Venmo platform takes this expansion a step further, targeting millions of users across both services.

According to PayPal, PYUSD facilitates cost-free, rapid transactions between PayPal and Venmo, achieving a milestone as the first stablecoin to achieve such extensive interoperability. Venmo users can also transfer this stablecoin to external wallets and businesses that accept PYUSD as payment, albeit subject to blockchain network fees.

Since its initial launch, PYUSD has gained significant traction within the digital asset market. It is already listed on prominent exchanges like Crypto.com, Bitstamp, Coinbase, and Kraken. Furthermore, it has garnered support from leading cryptocurrency wallets such as MetaMask, Ledger, and Phantom. Notably, PYUSD has received regulatory approval from the New York State Department of Financial Services, making it more accessible to businesses operating in New York. PayPal’s initial report on the stablecoin reveals a total of $44,376,440 in tokens outstanding, backed by short-term U.S. Treasuries and equivalent cash holdings.

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