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PayPal rolls out PYUSD stablecoin to Venmo users

By Delisha Fernandes

September 21, 2023

  • Blockchain
  • Crypto
  • Financial Services
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PayPal USD, Venmo, web3 ecosystem, stablecoin, wallet, Blockchain, Financial Services, Crypto, FinTech news, FinTech USPayPal announced that PYUSD, its stablecoin for payments and transfers, is now available on Venmo, offering selected users a regulated, dollar-denominated stablecoin 100% backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents.

This move aims to offer a stable form of digital value designed to connect fiat dollars to the web3 ecosystem and over time, reduce friction from everyday payments while improving speed and lowering costs. Individuals using compatible external wallets, and merchants accepting payments in PYUSD, will also be able to receive transfers from Venmo users. Blockchain network fees apply.

PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows. In the few weeks since its launch in the open market, PYUSD is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken; leading wallets like MetaMask, Ledger and Phantom; custodians and institutional service providers like Fireblocks, Copper, Paxos and Fordefi; crypto payment service providers like Bitpay; and already supported by some of the most widely used decentralized applications.

One notable feature of this integration is the stablecoin enabling wallet interoperability at scale with no cost, transfers between PayPal and Venmo users are fast and free, connecting two wallets with millions of users each. In addition to the increased availability and distribution in these first few weeks, PayPal USD has been greenlisted by the New York State Department of Financial Services, making it easier for virtual currency entities licensed in New York to support PYUSD.

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