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PayPal\u2019s stablecoin, PYUSD, is now available on Venmo.<\/p>\n
The company announced the rollout in a blog post on Wednesday, Sept. 20. However, not all users will be able to purchase or send PYUSD to their friends or family, as only select users were picked this time around. PayPal did note that it will fully roll it out in the \u201ccoming weeks.\u201d<\/p>\n
\u201cIndividuals using compatible external wallets, and merchants accepting payments in PYUSD, will also be able to receive transfers from Venmo users. Blockchain network fees apply,\u201d the blog post said<\/a>.<\/p>\n Read more: <\/strong>PayPal\u2019s new stablecoin stirs centralization criticism<\/a><\/p>\n The move comes after the company\u2019s stablecoin was added to the New York State\u2019s Department of Financial Services greenlist. Earlier this week, the NYDFS shuffled the list, removing tokens such as XRP and Doge.<\/p>\n Read more: <\/strong>The PayPal stablecoin is bigger news than any bitcoin ETF<\/a><\/p>\n Outside of Venmo, PYUSD<\/a> is available on MetaMask, Kraken, Coinbase, Crypto.com, and Fireblocks, among others \u2014 including other crypto exchanges, wallets and custodians.<\/p>\n PayPal announced the stablecoin<\/a> in early August. The dollar-backed stablecoin is issued by Paxos Trust. PYUSD is a blockchain-based digital asset issued on Ethereum<\/a> as an ERC-20 token.<\/p>\n \u201cThe shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,\u201d said Dan Schulman, PayPal\u2019s president and CEO, at the time.<\/p>\n Paxos is expected to publish a monthly Reserve Report on the stablecoin, and an attestation of the \u201cvalue of PayPal USD reserve assets.\u201d<\/p>\n
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