July 11, 2024
Venmo to Offer PayPal's Stablecoin PYUSD to Select Users, Expanding Access in the Coming Weeks
Altcoins News

Venmo to Offer PayPal’s Stablecoin PYUSD to Select Users, Expanding Access in the Coming Weeks

Venmo customers will shortly be able to purchase PayPal’s stablecoin, according to a statement released today by the company.

In a statement released on Wednesday, the business announced that “select users” of Venmo can already purchase PayPal USD (PYUSD), with all users having access to it “in the coming weeks.”

PYUSD is an Ethereum-based, dollar-pegged stablecoin that is supported by short-term treasuries and cash equivalents. The PYUSD cryptocurrency was issued by Paxos Trust Co. and was introduced by PayPal in August.

The stablecoin is already available for purchase by users on reputable platforms, including Crypto.com, Coinbase, and Kraken.

PayPal owns the well-known mobile payment service Venmo, which enables users to pay friends or businesses. The stablecoin will be available for users to purchase and transmit to other Venmo users, including PayPal wallets.

In its statement, PayPal bragged that users will be able to send stablecoins to one another for the first time at no cost. However, the business added that there will be costs when transferring from Venmo to a different cryptocurrency wallet that is not owned by PayPal.

“In the first example of a 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,” Wednesday’s statement wrote.

A stablecoin is a digital asset in the cryptocurrency space that is linked to a reliable currency, in this case, the dollar.

To make the buying and selling process more frictionless, traders mostly use this particular cryptocurrency to close out deals when they lack immediate access to fiat dollars housed in a traditional bank.

In August, PayPal introduced the stablecoin to make it “part of the overall payment infrastructure.”

If it aspires to catch up to other market leaders, it still has a long way to go. PYUSD’s market cap is currently $44.3 million, whereas the two most important stablecoins, Tether (USDT) and USD Coin (USDC), are valued at $83.1 billion and $25.9 billion, respectively.

In a report published last week, Paxos Trust stated that at the end of the previous month, it had $45.3 million in assets supporting the PYUSD.

On the site, PayPal customers can purchase and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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