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PayPal introduces PYUSD stablecoin to Venmo users.

PayPal has made an exciting announcement regarding its PYUSD stablecoin, stating that it is now accessible to Venmo users.

In a blog post on September 20, the payment processor revealed that PayPal USD (PYUSD), which is the stablecoin pegged to the U.S. dollar, is currently available on Venmo and will be fully rolled out in the upcoming weeks.

The introduction of PYUSD on Venmo arrives approximately six weeks after PayPal’s initial announcement of the stablecoin’s launch.

During the announcement, PayPal emphasized that Paxos Trust would issue the stablecoin and back it with U.S. dollar deposits, short-term Treasuries, and cash equivalents.

PayPal emphasized the growing availability of PYUSD within the crypto ecosystem, stating :

“PYUSD is already present in native crypto experiences and continues to be made more broadly available as the ecosystem grows.”

Since its recent launch in the open market, PYUSD has quickly gained listings on several prominent exchanges, including Crypto.com, Bitstamp, Coinbase, and Kraken.

This expansion showcases PayPal’s commitment to fostering the use and adoption of its stablecoin across various platforms and exchanges.

In August, Nansen, a blockchain analytics firm, reported that Paxos Trust, a leading player in the crypto industry, controlled around 90% of PYUSD wallets.

This information highlights the significant involvement of Paxos Trust in the management of PYUSD.

On September 12, crypto firm BitPay announced its decision to support PYUSD, citing the payment utility and community involvement associated with the stablecoin.

This development further strengthens the adoption and usability of PYUSD within the cryptocurrency ecosystem.

PayPal has been steadily expanding its presence in the crypto industry.

for example, In 2021, the payment processor started accepting digital asset payments, demonstrating its growing interest in cryptocurrencies.

In 2023, PayPal took further steps by establishing on- and off-ramps for Web3 payments, enabling seamless transactions within the decentralized web.

These initiatives demonstrate PayPal’s dedication to providing convenient and user-friendly crypto payment solutions.

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