top of page

PayPal Extends PYUSD Stablecoin Transactions to Venmo

Users can now transfer PYUSD through PayPal’s subsidiary app Venmo, too.

Users can now transfer PYUSD through Venmo.
Creator: Justin Sullivan. Copyright: Getty Images.

PayPal USD (PYUSD), a digital dollar-backed stablecoin created by PayPal, is now accessible on Venmo, making it easier for users to engage in fast and cost-effective transactions.


PYUSD in Venmo


PYUSD was introduced by PayPal to bridge the gap between traditional fiat currency and the web3 ecosystem. It is designed to offer stability by being fully backed by U.S. dollar deposits and short-term U.S. Treasuries, ensuring that one PYUSD is always equal to one U.S. dollar. This stability is essential for everyday payments and transactions.


Venmo users will now have the option to purchase PYUSD and use it for sending money to friends and family not only on Venmo but also on PayPal and other compatible external wallets. This means that millions of users on both platforms can now transfer funds quickly and without incurring any additional costs.


Furthermore, this integration allows individuals using compatible external wallets and merchants who accept PYUSD as a payment method to receive funds from Venmo users, expanding the reach of PYUSD even further. It's important to note that blockchain network fees will still apply for these transactions.


PYUSD


PYUSD has gained traction rapidly since its launch in the open market. It is already available on several cryptocurrency exchanges, including Crypto.com, Bitstamp, Coinbase, and Kraken. It is also supported by leading wallets like MetaMask, Ledger, and Phantom, as well as various custodians, institutional service providers, and crypto payment service providers.


Additionally, PYUSD has received approval from the New York State Department of Financial Services, simplifying the process for licensed virtual currency entities in New York to integrate PYUSD into their services.


bottom of page