Within a brief period post its inception, PayPal’s PYUSD stablecoin has marked its significant presence in the cryptocurrency market. As of Sept. 20, this U.S. dollar-pegged digital currency was officially introduced to Venmo users, hinting at a more extensive rollout in the subsequent weeks.
Expanding the use of PYUSD With Venmo
PayPal’s PYUSD is not just another digital currency in the vast crypto arena. It boasts backing by U.S. dollar deposits, short-term Treasurys, and other comparable cash equivalents. The trust factor is further amplified, as Paxos Trust, a reputable name in the crypto sphere, will issue this stablecoin.
The adoption trajectory of PYUSD is noteworthy. Within mere weeks of its introduction to the open market, significant exchanges, including but not limited to Coinbase, Bitstamp, Crypto.com, and Kraken, have already enlisted PYUSD. This rapid adoption signifies the potential and trustworthiness of PYUSD in the competitive crypto marketplace.
The statement reads:
“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. Venmo users are able to purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets. 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.”
In August, a revealing insight by blockchain analytics powerhouse Nansen underscored Paxos Trust’s dominant hold on PYUSD. Astonishingly, about 90% of the stablecoin’s reserves were found in wallets under Paxos Trust’s control.
BitPay Joins the PYUSD Bandwagon
Not staying behind in the evolving market landscape, BitPay, a renowned crypto firm, made public on Sept. 12 its plans to integrate PYUSD support. Their rationale? The increasing payment utility of PYUSD and significant community engagement. With the addition of Venmo, that goal comes within reach.
PayPal’s foray into the realm of digital assets has been nothing short of commendable. From greenlighting digital asset transactions in 2021 to pioneering Web3 payment channels in 2023, the company’s commitment to the crypto evolution is evident.
A noteworthy endorsement comes from the New York State Department of Financial Services, which has greenlit PYUSD, marking it as a regulator-approved coin.
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