On Wednesday, the payment giant Paypal announced that the stablecoin PYUSD is now available on Venmo. Paypal detailed that the stablecoin asset will be available to select Venmo users and fully roll out for all users “in the coming weeks.”
Paypal Stablecoin PYUSD Makes Its Way to Venmo
Paypal has disclosed that Venmo users can now leverage the firm’s proprietary stablecoin, PYUSD. The rollout is starting with select Venmo users, but soon all Venmo customers will be able to “able to purchase PYUSD and send it to friends and family on Paypal, Venmo, and compatible external wallets.”
The company notes that transfers between Paypal users and Venmo are “fast and free,” with the exception of blockchain network fees. PYUSD is an ERC20 token, which means the coin is subject to fees associated with the Ethereum fee market and block space.
For example, etherscan.io indicates that the cost to transfer an ERC20 token on September 20, 2023, at 2:00 p.m. (ET), ranges from $2.65 to $2.91 per transaction. Paypal further mentions in the announcement that PYUSD is now available on various platforms, including Coinbase, Crypto.com, Bitstamp, Kraken, MetaMask, Ledger, Phantom, Bitpay, and Fireblocks, among others.
The payments company also highlights its recent approval by the New York State Department of Financial Services. The latest development comes on the heels of PYUSD’s first transparency report, which unveiled the backing of cash and U.S. Treasury reverse repurchase agreements as reserves.
As of September 20, approximately 44.37 million PYUSD coins are in circulation. A total of 698 distinct addresses currently hold PYUSD, with these wallets collectively executing 3,354 transfers since the currency’s launch. Additionally, the top 100 holders jointly possess 99.96% of the PYUSD supply, equivalent to 44,358,474.05 PYUSD tokens.
What do you think about PYUSD being supported by Venmo? Share your thoughts and opinions about this subject in the comments section below.
