The stablecoin PYUSD is now supported by Venmo, according to an announcement made on Wednesday by global payments leader Paypal. According to a statement from Paypal, the stablecoin asset will be made available to a subset of Venmo customers before going live for all users “in the coming weeks.”
#CryptoNews : PayPal has announced that its PYUSD stablecoin is now available on Venmo.
The firm said PayPal USD (PYUSD) — the company’s stablecoin pegged to the U.S. dollar — is already available to select Venmo users and will be “rolling out fully in the coming weeks”.
— Saitama (@WeAreSaitama) September 21, 2023
Paypal Stablecoin PYUSD Makes Its Way to Venmo
Paypal has announced that Venmo users can now utilize PYUSD, the company’s own stablecoin. Starting with a small group of users, the rollout will eventually be available to all Venmo users, who will then be able to “purchase PYUSD and send it to friends and family on Paypal, Venmo, and compatible external wallets.”
With the exception of blockchain network fees, the company claims that transfers between Venmo and Paypal users are “fast and free.” Because PYUSD is an ERC20 token, it is subject to fees from the Ethereum block space and fee market.
PayPal's stablecoin, PYUSD makes a foray into Venmo.🔥 A significant moment for peer-to-peer transactions👀. Ease of use and greater access could revolutionize digital payments. Expect a wider roll-out soon. Stay tuned. #Venmo #PYUSD #Crypto💱🚀
— Thomas F🛡️🇺🇸🇫🇷 (@Tferriere) September 20, 2023
ERC20 token transfers, for instance, will cost between $2.65 and $2.91 per transaction on September 20, 2023, at 2:00 p.m. (ET), according to etherscan.io. PYUSD is currently accessible on a number of platforms, including Coinbase, Crypto.com, Bitstamp, Kraken, MetaMask, Ledger, Phantom, Bitpay, and Fireblocks, among others, according to Paypal’s release.
The payments business additionally emphasizes that the New York State Department of Financial Services just approved it. The most recent development follows PYUSD’s first transparency report, which revealed the use of cash and reverse repurchase agreements with the U.S. Treasury as reserves.
There were 44.37 million PYUSD coins in circulation as of September 20. PYUSD is presently held by 698 different addresses, and these wallets have sent 3,354 transfers since the currency’s introduction. Additionally, the top 100 holders collectively have 44,358,474.05 PYUSD tokens or 99.96% of the PYUSD supply.
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