Venmo to Offer PayPal-Backed Stablecoin in US Dollars

Date: 2023-09-20 Author: Dima Zakharov Categories: IN WORLD
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Venmo to Offer PayPal-Backed Stablecoin in US Dollars

Venmo, a subsidiary of PayPal, will soon introduce its own stablecoin, named PayPal USD (PYUSD), which will be backed by US dollars. This development adds a new dimension to the cryptocurrency space and strengthens PayPal's influence on the financial market.

Venmo, one of the world's most popular payment platforms, has announced its intention to offer its own stablecoin, which will be called PayPal USD or PYUSD. This move signifies that major financial players are increasingly recognizing the significance of cryptocurrencies in the modern economy.

Implementation of PayPal USD Stablecoin

The PYUSD stablecoin will be built on the ERC-20 technology, ensuring its compatibility with various cryptocurrency wallets and payment systems. In the coming weeks, users will have the opportunity to purchase PYUSD and send it to other users through the PayPal and Venmo platforms or compatible external wallets.

This step opens up new horizons for Venmo users, enabling them to make fast and free transactions. It brings together two major payment systems with millions of users, providing them with a convenient way to exchange digital assets.

Cryptocurrency Boost from PayPal

Venmo is the latest in a series of PayPal subsidiaries to adopt cryptocurrency innovations. In 2021, Venmo began offering the ability to buy and sell cryptocurrencies, attracting the attention of millions of users eager to enter the world of cryptocurrencies.

Recently, PayPal also introduced its PYUSD stablecoin, backed by US dollars, in partnership with Paxos, a company specializing in crypto infrastructure. This event has made PayPal an even more significant player in the world of digital assets.

Enhanced Cryptocurrency Integration

In addition to offering a stablecoin, PayPal also provides its users with the ability to convert cryptocurrency into US dollars. This allows users to easily transfer digital assets into fiat currency, simplifying the process of using cryptocurrencies in everyday financial transactions.

The introduction of PYUSD and other cryptocurrency options into payment systems like Venmo and PayPal breathes new life into cryptocurrencies, lowers barriers to their use, and solidifies the position of the cryptocurrency market in the global economy.
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