The payment company announced in a September 20 blog post that PayPal USD, their stable digital currency backed by the U.S. dollar, is now accessible to selected Venmo users. They also mentioned that it will become available to all users shortly.
With this update, Venmo users will be able to buy PYUSD and easily send money between PayPal and Venmo quickly and without any fees, connecting two wallets with millions of users each.
People who have the digital wallets and businesses that accept PYUSD can now receive money from Venmo users. However, there may be fees associated with using the blockchain network for these transactions.
This update follows their previous announcement about the stablecoin launch about six weeks ago. The press release stated, “PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows.”
PayPal said, “In the few weeks since its launch in the open market, PYUSD is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken.”
PYUSD has been greenlisted by the New York State Department of Financial Services, which means that virtual currency businesses licensed in New York can now more easily integrate PYUSD into their services.
The goal is to provide a secure and regulated digital currency that can be widely used in both the Web3 ecosystem and for everyday online transactions.