Venmo adds support for PayPal stablecoin

venmo-min
venmo-min

PayPal-owned mobile payment service Venmo has added support for its parent company’s US dollar-pegged stablecoin PYUSD.

Operations with the “stable coin” are still available to selected users. The full scale asset “will be deployed in the coming weeks.”

PayPal announced the launch of a stablecoin on August 7th. PYUSD was created on the Ethereum blockchain according to the ERC-20 standard. The issuer is the infrastructure company Paxos.

According to the statement, the coin is designed to connect fiat dollars to the Web3 ecosystem, simplifying everyday payments while increasing speed and reducing costs.

“Venmo users can purchase PYUSD and send it to friends and family through PayPal, Venmo, and compatible external wallets,” the press release states.

Transactions between the two related platforms are free of charge. External wallets and merchants that accept stablecoin payments will also be able to receive transfers through Venmo. They are charged a blockchain fee.

PayPal emphasized that PYUSD is already present in “native cryptocurrencies and is becoming more accessible as the ecosystem grows.” Over the past few weeks since the launch, a number of people have added support for the coin:

  • exchanges (Crypto.com, Bitstamp, Coinbase and Kraken);
  • wallets (MetaMask, Ledger and Phantom);
  • custodians and institutional service providers (Fireblocks, Copper, Paxos and Fordefi);
  • famous DeFi applications.

Let us recall that earlier Tether co-founder William Quigley assessed the prospects for using the PayPal stablecoin.

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