PayPal USD (PYUSD), a regulated dollar-denominated stablecoin fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents, is now accessible on Venmo. The introduction of PYUSD on Venmo marks a significant step in PayPal’s mission to provide a stable digital value that bridges fiat currency with the web3 ecosystem, aiming to reduce friction in everyday payments while enhancing speed and reducing costs.
Venmo users will be able to purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets. Notably, this integration enables fast and free transfers between PayPal and Venmo users, connecting two widely used wallets with millions of users each.
Users with compatible external wallets and merchants accepting PYUSD payments will also have the capability to receive transfers from Venmo users, with standard blockchain network fees applying.
PYUSD has rapidly expanded its presence in the crypto ecosystem since its launch. It is already available on select exchanges such as Crypto.com, Bitstamp, Coinbase, and Kraken, as well as popular wallets like MetaMask, Ledger, and Phantom. Custodians and institutional service providers like Fireblocks, Copper, Paxos, and Fordefi, along with crypto payment service providers like Bitpay, also support PYUSD.
Moreover, PYUSD has received the green light from the New York State Department of Financial Services, making it more accessible to virtual currency entities licensed in New York.
PayPal remains committed to its mission of providing a safe and regulated stablecoin to the web3 ecosystem and everyday payments, with plans to continue expanding its offerings and presence in the future.
Disclaimer: This article provides information for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their research and seek professional guidance as needed.
