PayPal's PYUSD stablecoin leaps to Venmo.
PayPal has extended the reach of its PYUSD stablecoin, integrating it into the popular peer-to-peer payment platform Venmo.
According to the announcement shared on September 20th, initially, PYUSD will be available to select Venmo users. However, the full roll-out is reportedly coming in the next few weeks.
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After purchasing PYUSD, Venmo users can send it to family and friend accounts on PayPal, Venmo, and other external wallets.
Initially announced about six weeks ago, PayPal's PYUSD stablecoin is pegged to the US dollar and is the result of the collaboration with the stablecoin issuer Paxos Trust. PYUSD is backed with US dollar deposits and other cash equivalents like short-term Treasuries.
PayPal reported that since its market debut, PYUSD has been well-received and is now available on several major crypto exchanges, such as Crypto.com, Bitstamp, Coinbase, and Kraken.
The adoption of PYUSD extends beyond crypto exchanges. BitPay, a cryptocurrency payments company, announced its plan to support PYUSD earlier this month. The company cited "payment utility and community involvement" as key reasons for integrating the stablecoin.
Furthering its credibility, PYUSD was greenlit by the New York State Department of Financial Services, making it one of the regulator-approved cryptocurrencies.
PayPal’s foray into crypto has been both strategic and progressive. After introducing crypto payment options last year, the company has built on- and off-ramps for Web3 payments.
With Venmo users now gaining access to the PYUSD stablecoin, PayPal takes yet another stride in normalizing cryptocurrency use in daily transactions. This expanded offering reflects PayPal's ambitious roadmap in the crypto space and adds a new layer of utility and flexibility for millions of Venmo users.
