PayPal’s stablecoin is here and it’s gaining momentum.
What’s happening:
- PayPal (NASDAQ: PYPL) recently made waves when they announced they were launching their very own stablecoin called PYUSD
- PYUSD has now been given regulatory approval by New York State Department of Financial Services
- PayPal has announced that PYUSD is now available on Venmo to be used for transactions
The details:
- Currently PYUSD is available only to select users on Venmo, but it plans to be available to all users within a matter of weeks
- This will enable payments and transfers using PYUSD for any users of PayPal or Venmo
By the numbers:
- So far there is $44M USD of PYUSD issued as the circulating supply
Going deeper:
- PayPal has been notably integrating crypto into their technology in various ways over the past few years
- Prior to launching PYUSD, users on PayPal were already able to buy and sell crypto, checkout for payments with merchants using crypto and transfer crypto to compatible wallets
- Now with their own flagship stablecoin, PayPal has created a diverse ecosystem around crypto that supports cross border transfers and payments
- PayPal is the first ever publicly traded company in the United States to issue their own stablecoin
