PayPal USD

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International payment giant PayPal has completed its first investment using its stablecoin PayPal USD (PYUSD). 
In a <a href="https://newsroom.paypal-corp.com/2023-01-29-PayPal-Ventures-Invests-in-Mesh" target="_blank" rel="noreferrer noopener">press release</a> on Jan. 29, the San Jose-headquartered payment company said that its investment branch, <a href="https://crypto.news/tag/paypal/" target="_blank" rel="noreferrer noopener">PayPal</a> Ventures has thrown its support behind Mesh, a crypto-focused transfer startup that uses PYUSD, an <a href="https://crypto.news/tag/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>-based <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noreferrer noopener">stablecoin</a>. 
This move marks the first time that PYUSD has been used as a funding instrument. The specific financial details are undisclosed. However, the company pointed out that the investment was made “almost entirely” in PYUSD, funds transferred on-chain utilizing Mesh’s Application Programming Interfaces (APIs), PayPal added. 
<blockquote class="wp-block-quote"> 
 “As the world of financial services undergoes rapid transformation, we believe that user ownership and portability of assets will become a critical building block of product innovation, with crypto serving as the first beachhead where this is possible.” 
 Amman Bhasin, partner at PayPal Ventures 
</blockquote> 
 You might also like: <a href="https://crypto.news/paypal-earns-recognition-as-cryptoasset-business-in-the-uk/"> PayPal earns recognition as cryptoasset business in the UK </a> 
Established in 2020, Mesh is a fintech connection layer that provides enterprise clients with the ability to enable crypto payments, account aggregation, and trading via 300+ platforms. 
This investment represents PayPal’s first use case of PYUSD for venture deals, despite the stablecoin garnering attention from U.S. regulators. 
As <a href="https://crypto.news/sec-issues-subpoena-to-paypal-over-its-pyusd-stablecoin/" target="_blank" rel="noreferrer noopener">reported</a> by crypto.news in November 2023, PayPal faced an investigative subpoena from the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noreferrer noopener">SEC</a>) regarding its stablecoin. The details behind the investigation, however, remain unclear. 
 You might also like: <a href="https://crypto.news/sec-issues-subpoena-to-paypal-over-its-pyusd-stablecoin/"> SEC issues subpoena to PayPal over its PYUSD stablecoin </a> 
PayPal&nbsp;<a href="https://crypto.news/paypal-usd-stablecoin-to-be-integrated-into-venmo/" target="_blank" rel="noreferrer noopener">launched</a>&nbsp;its stablecoin in Aug. 2023 in collaboration with crypto infrastructure firm Paxos. The&nbsp;<a href="https://crypto.news/tag/stablecoin/">stablecoin</a>&nbsp;is backed by U.S. dollar deposits as well as short-term U.S. Treasuries and other cash equivalents that help ensure its stability, issuers claim. 
PYUSD allows users to convert digital currencies into U.S. fiat, a key feature that it hopes will spread stablecoin adoption worldwide. The latest funding arrangement with Mesh signals a more widespread approach to its web3 integration pans, with the stablecoin presently eighth out of the top ten stablecoins only a year after launch, accumulating an impressive $300 million market capitalization. 
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 <img loading="lazy" decoding="async" width="1576" height="1161" src="https://crypto.news/app/uploads/2024/01/IMG_1943.jpeg" alt="PayPal backs crypto transfer startup Mesh with its PYUSD stablecoin - 17" class="wp-image-14243429">
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 Read more: <a href="https://crypto.news/crypto-com-to-become-preferred-exchange-for-paypal-usd/"> Crypto.com to become preferred exchange for PayPal USD </a>

PayPal backs crypto transfer startup Mesh with its PYUSD stablecoin

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