The announcement that Venmo customers can now access PayPal USD (PYUSD), a large U.S.-based payment processor’s very own stablecoin, is a significant step towards the widespread use of cryptocurrencies. As one of the biggest payment systems on the planet expands its cryptocurrency offers, this exciting development signals a turning point in the growth of digital currencies.
A Game Changer for Users
In a blog post dated September 20th, PayPal unveiled that PYUSD is already live for Venmo users, with a full-scale rollout slated for the upcoming weeks. This momentous announcement comes just over a month after PayPal’s initial reveal about the launch of its stablecoin. At that time, PayPal shared its vision for PYUSD, emphasizing its issuance by Paxos Trust and its complete backing by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
![PayPal's PYUSD stablecoin now available on Venmo image 152](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/09/image-152.png?resize=1024%2C512&ssl=1)
![PayPal's PYUSD stablecoin now available on Venmo image 152](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/09/image-152.png?resize=1024%2C512&ssl=1)
PYUSD is set to be a dynamic force in the world of digital payments. Its presence is already felt across native crypto experiences and is steadily becoming more widely available as the crypto ecosystem continues to flourish. Notably, PYUSD has wasted no time in establishing itself on select exchanges, including notable platforms like Crypto.com, Bitstamp, Coinbase, and Kraken.
Related: PayPal's PYUSD Stablecoin Now Available on Coinbase
A Closer Look at PYUSD’s Journey
PYUSD’s remarkable journey is closely monitored by blockchain analytics experts. In August, Nansen reported that approximately 90% of PYUSD is held in wallets controlled by Paxos Trust. This strategic concentration indicates a level of trust and stability that the crypto community is increasingly recognizing.
In another exciting development, leading crypto firm BitPay officially announced on September 12 that it would integrate support for PYUSD. This decision underscores PYUSD’s growing reputation for its payment utility and community engagement.
PayPal’s foray into the crypto sphere has been a series of strategic moves aimed at bringing digital assets into the everyday lives of consumers. In 2021, PayPal embraced cryptocurrency payments, creating a ripple effect in the industry. Building on this momentum, PayPal continued to make substantial inroads into the crypto space in 2023 by establishing on- and off-ramps for Web3 payments. This commitment to facilitating easy access to digital currencies is driving mainstream adoption.
Furthermore, PYUSD’s recognition by the New York State Department of Financial Services, which included it on its greenlist of approved coins, further solidifies its position as a trusted and compliant digital asset.
As PYUSD continues to extend its reach, its impact on the world of digital payments is undeniable. The collaboration between PayPal and Venmo is set to usher in a new era of cryptocurrency adoption, making it easier than ever for users to access and utilize digital assets in their day-to-day lives. With PayPal leading the way, the future of digital payments is looking brighter than ever.
Related: PayPal Launches PYUSD Stablecoin to Facilitate Payments