After announcing its new payment stablecoin last month, PayPal revealed on Wednesday that Paypal USD (PYUSD) is now available to Venmo users for transacting with peers.

• Initially available to “select users,” access will expand to all Venmo users in the coming weeks, according to the company’s announcement.
• Venmo, a mobile payments app owned by PayPal, will allow users to buy and send PYUSD to other Venmo users and PayPal wallets.
• PayPal touts free stablecoin transfers between PayPal and Venmo users, marking a first for wallet interoperability at scale.

• “Individuals using compatible external wallets, and merchants accepting payments in PYUSD, will also be able to receive transfers from Venmo users,” added the firm. “Blockchain network fees apply.”

• PYUSD is an Ethereum-based stablecoin pegged to the U.S. dollar, launched by PayPal in August.
  Users can currently buy PYUSD on various exchanges, including Crypto.com, Coinbase, and Kraken.
• Stablecoins are digital assets pegged to stable values, such as the U.S. dollar. Paypal’s stablecoin is backed by a combination of USD deposits and short-term treasuries.
• PYUSD’s market cap is currently $44.3 million, far behind stablecoin giants like Tether (USDT) and USD Coin (USDC). Paxos Trust holds $45.3 million in assets backing the coin, according to a recent report.
• Paxos recently claimed responsibility for a strange Bitcoin transaction that paid a $500,000 transaction fee, which blockchain analysts first attributed to PayPal.
• PayPal users can also buy and sell Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on the platform.