PayPal, best known for its payment solution has launched its stablecoin on crypto wallet Venmo. PayPal announced last month the launch of its stablecoin named PayPal USD (PYUSD) which is PayPal’s significant step to tackle stablecoin worldwide. PYUSD is currently available for select Venmo Users and going to flood the crypto market with a full rollout in the coming couple of weeks.
In August, PayPal disclosed launching its stablecoin and on 29th of September 2023 PayPal shared that PYUSD is now available for Venmo Users. Venmo users would be able to carry out peer-to-peer transactions. PayPal shared that for now PYUSD is only available for Venmo’s select users but would be accessible to all Venmo’s users in the coming couple of weeks.
PayPal Launches PYUSD on Its Mobile App Venmo
Venmo is a mobile payment app which offers convenient payment solutions. PayPal owns and governs the Venmo app and by now will its Venmo app for sell and purchase of newly launched PYUSD. Venmo users would be able to carry out transactions within Venmo and other PayPal wallets.
For now, PayPal is offering free transference of PYUSD between Venmo and PayPal users and first time offering interoperability at this level. Clients using PayPal and receiving payments from another wallet would also be able to send or receive PYUSD by paying a blockchain network fee.
Current Status of PayPal’s Stablecoin PYUSD
PYUSD was launched in August and this stablecoin is Ethereum-based stablecoin which is backed by USD. PYUSD is expanding currently available on prominent exchanges i.e., Kraken, Coinbase and Crypto.com.
The current market cap of PYUSD is $44.3 which is far behind the other giants like USD Coin (USDC) and Tether (USDT). It is more likely for PYUSD to get the attention of the crypto community in the coming time and compete with other stablecoins.
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