Venmo, the peer-to-peer payment app, is set to offer PayPal USD (PYUSD), an ERC-20 stablecoin, in the coming weeks.
This move integrates PYUSD into the Venmo platform, creating a seamless channel for transferring assets between millions of users.
According to a press release from PayPal, Venmo users will soon be able to “purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets.”
The integration of PYUSD into Venmo is being promoted by PayPal as “the first example of a stablecoin enabling wallet interoperability at scale with no cost.”
PayPal highlighted the efficiency and cost-effectiveness of this system, stating, “Transfers between PayPal and Venmo users are fast and free, connecting two wallets with millions of users each.” This statement signifies an important step towards making digital transactions more streamlined and less costly.
PayPal had initially launched PYUSD on Aug. 7 in collaboration with crypto infrastructure firm Paxos. The stablecoin is backed by U.S. dollar deposits, short-term Treasuries, and other cash equivalents, that helps ensure its stability. Almost a month later, on Sept. 11, PayPal added a feature that allowed users to convert digital currencies into U.S. fiat.
The introduction of PYUSD into Venmo continues PayPal’s ongoing efforts to expand into the cryptocurrency market. Venmo itself had begun offering crypto purchases in 2021, making PYUSD yet another digital asset that its users can transact with. According to PayPal, the mission behind PYUSD is “deploying a
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Author: Bralon Hill
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