PayPal has announced that Venmo now accepts its PYUSD stablecoin, according to Cointelegraph. PayPal USD (PYUSD), the company’s stablecoin linked to the U.S. dollar, is now available to Venmo users and will be completely rolled out in the following weeks, according to a blog post from the payment processor on September 20. About six weeks have passed since PayPal first announced the debut of the stablecoin, which is issued by Paxos Trust and entirely backed by U.S. dollar deposits, short-term Treasuries, and other similar cash equivalents.
According to PayPal, PYUSD is already available in native cryptocurrency experiences and is continually being made more widely accessible as the ecosystem develops. PYUSD has been listed on a several exchanges since it went public, including Crypto.com, Bitstamp, Coinbase, and Kraken. According to Nansen, a blockchain analytics company, 90% of PYUSD was stored in wallets under Paxos Trust’s custody as of August. On September 12, the cryptocurrency company BitPay stated that it would add support for PYUSD, emphasising the utility of payments and community involvement.
In 2021, PayPal will start accepting payments in digital assets, and in 2023, it will create on- and off-ramps for Web3 payments. PayPal has been slowly growing its market share in the cryptocurrency industry. PYUSD was a part of the New York State Department of Financial Services’ green list of accepted coins.