PayPal, a United States-based payment system, announced that its PYUSD stablecoin is now available on Venmo, a digital wallet, stated Cointelegraph.
With insights from a post made on September 20, 2023, PayPal mentioned that PayPal USD (PYUSD), the company’s stablecoin pegged US dollar is available to Venmo users and will be “rolling out fully in the coming weeks”. The news is expected to come six weeks after PayPal announced the launch of the stablecoin. It is believed that they had mentioned that the stablecoins are issued by Paxos Trust and backed by US dollar and short-term Treasuries, among others.
“PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows,” said PayPal. “In the few weeks since its launch in the open market, PYUSD is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken,” PayPal tweeted.
Furthermore, BitPay, a crypto firm announced on September 12, 2023, that it would be adding support for PYUSD, adding that “payment utility and community involvement,” Cointelegraph concluded.
(With insights from Cointelegraph)
