PayPal’s Stablecoin PYUSD Arrives On Venmo
PayPal has introduced PayPal USD (PYUSD) on its Venmo peer-to-peer payments platform. The stablecoin, issued by the Paxos Trust Company, is backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents. Users can exchange PYUSD for US dollars or vice versa at a fixed 1:1 rate, ensuring a stable value similar to the US dollar.
Select users can now transfer PYUSD between PayPal accounts and compatible external digital wallets, enabling easy person-to-person payments and a gradual rollout to more customers in the coming weeks.
PayPal USD is now available as a preferred payment method at checkout, enhancing transaction flexibility. Users can convert any supported crypto to and from PYUSD, aiming to reduce transaction friction and lower costs associated with cross-border or digital payments. This stablecoin facilitates faster and cheaper transactions compared to traditional payment methods.
(With inputs from Shikha Singh)
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