In the ever-adapting crypto market, PayPal stepped up its game today, giving Venmo users the green light to purchase and transfer its stablecoin, ‘PYUSD’. Additionally, Venmo users can procure PYUSD and send it to PayPal recipients alongside external wallets available.
The TL;DR:
- Venmo now supports PayPal’s stablecoin, PYUSD, as its fifth cryptocurrency.
- PYUSD transfers between PayPal and Venmo are “fast and free”.
- The stablecoin — launched just last month — already has a market cap of $44M.
PayPal’s Stablecoin Growth via Venmo
Venmo’s new inclusion expands its application’s cryptocurrency offerings to five, alongside Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. PYUSD, however, is the first pegged cryptocurrency to take a stance on the universal digital wallet.
When taking into account that PayPal has 435 million active accounts and Venmo follows behind with a mighty 78 million, this collaboration signifies huge potential for PYUSD and spotlights the merging strengths of two prominent digital payment platforms in the crypto landscape.
“In the first example of a stablecoin enabling wallet interoperability at scale with no cost, transfers between PayPal and Venmo users are fast and free, connecting two wallets with millions of users each.”
PayPal (blog post)
Having taken a short break during its development stage at this year’s start, crypto enthusiasts’ reception of PYUSD has been nothing less than enthusiastic. Dissapointment followed when PayPal halted its development efforts in February 2023, following the crypto firm Paxos facing scrutiny by the NFYDFS for creating customized stablecoins for numerous firms.
Nonetheless, since its maiden voyage just one month ago, PYUSD’s market capitalization already stands tall at just under $44 million, as per CoinMarketCap. While it’s a significant amount for a recently launched coin, the stablecoin titan Tether (USDT) notably exceeds a total value of $83 billion, while USD Coin (USDC) falls just short of $26 billion.
Venmo users can anticipate the complete availability of the PayPal stablecoin in the weeks ahead. In the meantime, those eager to fully explore PYUSD can hit up select exchanges, including Coinbase, Kraken, Crypto.com and Bitstamp, and leading wallets like MetaMask and Phantom.
