Major US payment processor PayPal has announced that its PYUSD stablecoin is now available on Venmo, the popular mobile payment service.
PayPal USD (PYUSD) is pegged to the US dollar and was recently launched by PayPal. It's backed by US dollar deposits, short-term Treasury bills, and similar cash equivalents, with issuance handled by Paxos Trust. PYUSD has been gradually expanding its presence since its public launch, being available on platforms like Crypto.com and select exchanges including Bitstamp, Coinbase, and Kraken.
Around 90% of PYUSD is held in wallets controlled by Paxos Trust, as reported by blockchain analytics firm Nansen in August. Additionally, cryptocurrency company BitPay has announced support for PYUSD, emphasizing its utility in payments and engagement within the community.
PayPal has been actively entering the cryptocurrency space, starting with accepting digital asset payments in 2021 and more recently facilitating Web3 payments in 2023. Notably, PYUSD has received regulatory approval from the New York State Department of Financial Services and is on the green list of approved tokens.
