PayPal has announced that its stablecoin for transactions and transfers, PYUSD, is now accessible on Venmo. This service is currently available to a limited number of users and will be gradually rolled out in the ensuing weeks.
SAN JOSE, CALIFORNIA - FEBRUARY 02: A sign is posted in front of PayPal headquarters on February 02, 2022 in San Jose, California. PayPal stock fell over 25 percent after the company reported weaker than expected fourth-quarter earnings
Venmo patrons can procure PYUSD and transmit it to others on PayPal, Venmo, and compatible external wallets. Moreover, individuals utilizing compatible external wallets and businesses that accept payments in PYUSD will also be able to receive transfers from Venmo users.
However, PayPal has clarified that standard blockchain network fees will be applicable. In an official statement, PayPal expounded on this development.
The company said: "A little more than six weeks ago, we announced the launch of PayPal USD (PYUSD) with the mission of providing the market with 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. Consistent with that mission, we are pleased today to announce that PayPal USD is now available on Venmo to select users and will be rolling out fully in the coming weeks."
Paypal Says PYUSD on Venmo
The introduction of PayPal USD (PYUSD) into the market aims to establish a stable digital value that seamlessly connects fiat dollars to the web3 ecosystem.
This initiative seeks to gradually reduce hurdles encountered in day-to-day payments, simultaneously enhancing transaction speed and cost efficiency. In alignment with this vision, PYUSD is now accessible to select users on Venmo, with a full-scale rollout scheduled in the ensuing weeks.
Venmo users can now directly engage in purchasing and transmitting PYUSD amongst friends and family on platforms such as PayPal, Venmo, and compatible external wallets. It enhances wallet interoperability on a substantial scale, facilitating swift and complimentary transfers between two widely utilized platforms.
Moreover, individuals employing compatible external wallets and businesses that embrace PYUSD for transactions will now be able to receive transfers originating from Venmo users. However, it's important to note that standard blockchain network fees will be levied.
Read Also: US Financial Agency Urges Users Against Storing Cash in Venmo, Paypal - Here's Why
PYUSD in Native Cryptocurrencies
PYUSD has also integrated itself into the native crypto landscape quickly since its market introduction. It has garnered a presence on prominent exchanges, including Crypto.com, Bitstamp, Coinbase, and Kraken.
Additionally, it has secured compatibility with leading wallets such as MetaMask, Ledger, and Phantom. PYUSD's adoption extends to key custodians and institutional service providers like Fireblocks, Copper, Paxos, and Fordefi.
It has also been embraced by established crypto payment service providers like Bitpay and is now supported by some of the most widely utilized decentralized applications, according to PayPal.
Furthermore, PYUSD has received approval from the New York State Department of Financial Services, a development that streamlines its adoption for virtual currency entities licensed in New York.
Related Article: Paypal's Venmo App Feature: Users Could Now Land Crypto Investment in the Platform-- Starts at $1 Minimum Requirement
