PayPal has taken steps to increase availability of its US dollar-pegged stablecoin PYUSD with a new integration on Venmo.
PYUSD Became Available For Venmo Users
PayPal has taken steps to increase availability of its US dollar-pegged stablecoin PYUSD with a new integration on Venmo. Starting this week, Venmo wallet users will be able to send and receive PYUSD directly within the popular payments app.
PYUSD is growing its list of supported platforms, already present on exchanges like Crypto.com, Bitstamp, Coinbase and Kraken. With the Venmo rollout, PayPal aims to introduce its stablecoin to Venmo's over 70 million active accounts. This comes as PayPal continues expanding its cryptocurrency products and services, having launched crypto buying and selling capabilities last year.
However, PYUSD adoption has faced challenges since its introduction in August 2021. According to on-chain analytics firm Nansen, an overwhelming 90% of PYUSD supply is concentrated among custodial wallets belonging to issuer Paxos. The Venmo integration represents a strategic step by PayPal to seed PYUSD usage among everyday spenders.
Payments processor BitPay also announced it will now accept PYUSD settlements from merchants.
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