PayPal’s Stablecoin PYUSD is Available on Venmo to Select Users

Photo of author

By BitcoinWiki News

Key Takeaways:

– PayPal-owned peer-to-peer mobile payments platform Venmo is offering PayPal USD stablecoin (PYUSD) to selected users
– Users can purchase and send the stablecoin via PayPal, Venmo, and other compatible external wallets
– PYUSD is an Ethereum-based stablecoin backed by U.S. dollar deposits and other liquid equivalents
– The stablecoin has received approval from the New York State Department of Financial Services
– This is the first time users can transfer a stablecoin between PayPal and Venmo at no cost
– Adoption of PYUSD has been slow compared to other stablecoins like Tether
– PYUSD currently holds the 19th position among stablecoins in terms of market capitalization
– Possible factors hindering adoption could be competition among stablecoins and regulatory challenges.


Venmo, the peer-to-peer mobile payments platform operated by PayPal, has started offering the PayPal USD stablecoin (PYUSD) to selected users. PYUSD is an Ethereum-based stablecoin that is backed by US dollar deposits and other liquid equivalents. It was launched by PayPal in August and is issued by Paxos Trust. Venmo users can now purchase the stablecoin and send it via PayPal, Venmo, and other compatible external wallets. The stablecoin is already available to users on leading exchanges such as Kraken, Coinbase, and Crypto.com. It has also received approval from the New York State Department of Financial Services. The launch marks the first time users can transfer a stablecoin between PayPal and Venmo at no cost. However, the PYUSD stablecoin has not seen widespread adoption despite promising global payments. The stablecoin holds the 19th position among stablecoins in terms of market capitalization, likely due to competition from other stablecoins and possible regulatory setbacks.

This is sponsored by: Learn Bitcoin Option

Leave a Comment