Payment Services Provider Venmo Lists PayPal USD Stablecoin
What is Venmo?
Venmo is a digital payment application that was acquired by PayPal in 2013. The firm is now set to list the newly issued stablecoin by PayPal namely PYUSD. At present, Venmo officials revealed the intention of listing the digital coin for consumers.
It is important to note that PayPal USD is an ERC-20 token and as per the latest confirmation from PayPal it is now officially listed on Venmo. Details about the listing have been shared by PayPal in a new press release.
To this end, the users on the platform will be able to purchase and sell PYUSD from PayPal account holders. It is worth noting that the stablecoin will be available for peer-to-peer payments between Venmo and PayPal wallets.
This is going to be the first example where a stablecoin will enable interoperability for two commercial wallet services providers. It is important to note that PYUSD transactions between are free of cost and efficient. In this manner, millions of users will be able to connect with each other using wallet compatibility feature.
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The details about the new services have also been shared by PayPal. Venmo first enabled cryptocurrency services for its consumers in 2021 and PYUSD is going to be the latest addition in its total token listings.
12 Trading Platforms are Offering PayPal’s Stablecoin
PayPal introduced the stablecoin namely PYUSD on 7th August. Since that time some of the major cryptocurrency exchanges such as Coinbase, Bitstamp, Crypto.com, Kraken, and others have listed the token.
At the same time, major crypto custodial services providers such as MetaMask, Ledger, Fireblocks, and Bitpay have also added support on their networks for PYUSD. According to the officials website of the firm it is an on-chain, regulated, dollar-denominated, and 100% backed by USD deposits, short-term treasuries, and cash equivalents.
The announcement also revealed that Venmo officials had been working for six weeks to complete the process of PYUSD listing on their trading platform. The firm also informed that the stablecoin will be accessible for web3 projects and enable dollar to fiat conversions.
With the latest development, the stablecoin is rapidly becoming accessible to a wide range of crypto investors around the globe. At present, the token is officially listed on 12 crypto companies. The website also confirms that PYUSD is regulated and licensed under the New York State Department of Financial Services.
Bybit Becomes the Latest Entity to List PYUSD
PayPal is a neo-bank with 435 million active users around the world as of 2023. Meanwhile, Venmo boasts an active user base of 85.1 million. Considering the massive reach of these two entities alone, PYUSD is set towards a good start.
The stablecoin is soon going to become a highly liquid stablecoin option for virtual currency investors. In the same vein, the latest company to consider listing PYUSD is Bybit. It is important to note that Bybit is the biggest crypto derivatives exchange in the world.
The platform has recently revealed that PYUSD will be accessible to their account holders by 20th September. At the same time, Bybit officials have also shared an intention of starting spot trading services for crypto investors.
With the latest listing announcement and spot trading services on Bybit PYUSD is set to gain massive inflows from the cryptocurrency investors. The current market cap of PYUSD stands at $44 million as per CoinMarketCap
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