Venmo Integrates Support for PayPal’s Stablecoin
Venmo, a mobile payment service owned by PayPal, has recently announced its support for its parent company’s stablecoin called PYUSD which is pegged to the US dollar.
Currently, the use of this “stablecoin” is limited to certain users, but it is expected to be available to all in the coming weeks.
PYUSD was launched by PayPal on August 7 and is built on the Ethereum blockchain using the ERC-20 standard. It is issued by Paxos, an infrastructure company.
The main purpose of this stablecoin is to bridge the gap between traditional fiat currency and the decentralized Web3 ecosystem, making everyday payments faster and cheaper.
Venmo users can purchase PYUSD and transfer it to their friends and family through PayPal, Venmo, and other compatible external wallets without incurring any transaction fees.
However, there may be a small fee for transfers made to external wallets or merchants that accept stablecoin payments.
PayPal also highlighted that PYUSD is gaining more widespread adoption among various platforms in the cryptocurrency space.
