Stablecoin

PayPal USD

<p><strong>Venmo just added PYUSD to the platform, but it’s only available for a handful of users for the time being.</strong></p> 
<h2 style="text-align: center;" id="adding-paypal-usd-stablecoin-to-the-platform">Adding PayPal USD Stablecoin To The Platform</h2> 
<p>Venmo, a <a href="https://www.theblock.co/post/252177/payment-app-venmo-to-offer-paypal-usd-stablecoin" target="_blank" rel="noopener">social payment platform</a> linked with PayPal, is set to introduce the PayPal USD stablecoin, known as PYUSD. This move adds another digital asset to Venmo’s offerings, which started allowing crypto purchases in 2021.</p> 
<h2 style="text-align: center;" id="pyusd-availability-and-usage">PYUSD Availability and Usage</h2> 
<p>PayPal has announced that PYUSD will be accessible for purchase in the “coming weeks.” Users will have the ability to buy and send PYUSD to others through PayPal, Venmo, or compatible external wallets. This enables quick and free transfers between PayPal and Venmo users, connecting two wallets with millions of users each.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">PayPal USD issued by Paxos is now available on <a href="https://twitter.com/Venmo?ref_src=twsrc%5Etfw">@Venmo</a> to select users and will be rolling out fully in the coming weeks!<a href="https://twitter.com/PayPal?ref_src=twsrc%5Etfw">@PayPal</a> USD is unlocking the future of money movement. Learn more here: <a href="https://t.co/qgDagf5kB5">https://t.co/qgDagf5kB5</a> <a href="https://t.co/ustKT0T0E2">pic.twitter.com/ustKT0T0E2</a></p> 
 <p>— Paxos (@Paxos) <a href="https://twitter.com/Paxos/status/1704564020370387306?ref_src=twsrc%5Etfw">September 20, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="venmo-s-connection-to-paypal">Venmo’s Connection to PayPal</h2> 
<p>Venmo operates under the umbrella of PayPal, and it launched the PYUSD stablecoin with the support of U.S. dollar deposits and similar cash equivalents through a partnership with Paxos on August 7th. Just a month later, PayPal introduced a service allowing users to convert cryptocurrencies to U.S. dollars.</p> 
<h2 style="text-align: center;" id="expanding-crypto-options">Expanding Crypto Options</h2> 
<p>Venmo users will soon be able to purchase PayPal’s PYUSD stablecoin, increasing the range of cryptocurrencies available on the app to five. This development allows for wallet interoperability between PayPal and Venmo, something that wasn’t possible before. It’s a significant step forward in making crypto more accessible.</p> 
<h2 style="text-align: center;" id="pyusd-market-growth">PYUSD Market Growth</h2> 
<p>Since its launch, PYUSD has gained a market capitalization of approximately $44 million, though it still lags behind other stablecoins like Tether and USDC. Nevertheless, PayPal aims to make PYUSD <a href="https://walletinvestor.com/magazine/global-crypto-exchange-bybit-lists-paypals-usd-stablecoin-for-spot-trading" target="_blank" rel="noopener">more widely available</a> as the cryptocurrency ecosystem continues to expand.</p> 
<h2 style="text-align: center;" id="paypal-s-crypto-journey">PayPal’s Crypto Journey</h2> 
<p>PayPal has been progressively entering the crypto space, starting with accepting digital asset payments in 2021 and later establishing on- and off-ramps for Web3 payments in 2023. Additionally, the New York State Department of Financial Services has approved PYUSD, further legitimizing its presence in the cryptocurrency market.</p> 
<h2 style="text-align: center;" id="summary">Summary</h2> 
<p>Venmo, in partnership with PayPal, is adding the PYUSD stablecoin to its platform, expanding the range of cryptocurrencies available to users. This development enables seamless wallet interoperability between PayPal and Venmo, making it easier for users to transact in cryptocurrencies. While PYUSD’s market capitalization is currently smaller than some other stablecoins, PayPal is working to increase its availability in the market.</p>

Venmo Introduces PayPal USD Stablecoin

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