A month and a half after PYUSD launched, PayPal integrated it with Venmo.
For now, the service is available to a limited number of users.
PayPal's
on-chain stablecoin, PYUSD, designed to serve as a secure digital
representation of the US dollar, is now accessible via Venmo. This strategic
move comes just over six weeks after the launch of PYUSD, and it aims to make
digital transactions faster, cheaper, and more efficient. Meanwhile, this is an
opportunity for increased adoption in the United States for the cryptocurrency
market. After all, Venmo is already used by one in four US-based consumers.
PayPal Enables PYUSD Payments via Venmo
Initially
introduced to bridge the gap between traditional fiat and the emerging web3
ecosystem, PYUSD has quickly gained traction. Yesterday (Wednesday), PayPal
announced that its stablecoin is now available on Venmo for selected users,
with plans for a full-scale rollout soon. The new feature allows zero-cost
transfers between PayPal and Venmo. According to PayPal, it marks the first
instance of free and fast stablecoin-enabled wallet interoperability on such a
large scale.
Venmo users
can now purchase PYUSD and send it to friends and family, not just on Venmo and
PayPal, but also to compatible external wallets. Standard blockchain network
fees will apply for those using other wallets or accepting PYUSD as merchants.
βWe remain
fully committed to the mission behind PYUSD: deploying a safe, regulated
stablecoin at scale both for the web3 ecosystem and for everyday payments, and
we look forward to sharing more updates in the future,β PayPal commented in the
official press release.
Venmo is an
American mobile payment service provider that was launched in 2009 and acquired
by PayPal in 2013. With the growing popularity of contactless payments using
smartphones and smartwatches, Venmo additionally gained additional traction. According
to data released by the payment giant last year, Venmo surpassed 90 million
accounts in the US, as a result of which one in four consumers in the United
States uses the payment app for everyday purchases.
According
to data for the second quarter of 2023, Venmo's total payment volume ranked at
$67 billion. This compares to ten times less of $6 billion, which was recorded six years ago.
PYUSD's Growing Ecosystem
PayPal's
PYUSD is not just limited to PayPal and Venmo. It has already integrated into
the broader crypto market. Within weeks of its launch, it became available on
major exchanges like Crypto.com, Bitstamp, Coinbase, and Kraken.
It is also
supported by main crypto wallets like MetaMask, Ledger, and Phantom and
institutional services like Fireblocks, Copper, Paxos, and Fordefi. Notably,
PYUSD received the green light from the New York State Department of Financial
Services, simplifying its adoption among licensed virtual currency entities in
the state.
Although it
still lags behind on a list of major stablecoins, its market capitalization is continuing to grow. Currently, it stands at $44 million with a daily transaction
volume exceeding $3 million. If the list of largest stablecoins were analyzed
based on the value of daily transactions, it would rank 12th, outperforming
larger projects like Pax Dollar (USDP).
In a notable shift within PayPal's cryptocurrency endeavors, Alex Chriss is set to assume the role of President and CEO at the end of September, succeeding Dan Schulman. Chriss presently serves as the Executive Vice President and General Manager of the Small Business and Self-Employed Group at tech firm Intuit, a company renowned for its offerings like QuickBooks, TurboTax, and Mailchimp.
A significant advantage for PYUSD is the public's view of PayPal as a reliable, secure, and regulatory-compliant entity. In the meantime, the company has expanded its current crypto payment support.
PayPal's
on-chain stablecoin, PYUSD, designed to serve as a secure digital
representation of the US dollar, is now accessible via Venmo. This strategic
move comes just over six weeks after the launch of PYUSD, and it aims to make
digital transactions faster, cheaper, and more efficient. Meanwhile, this is an
opportunity for increased adoption in the United States for the cryptocurrency
market. After all, Venmo is already used by one in four US-based consumers.
PayPal Enables PYUSD Payments via Venmo
Initially
introduced to bridge the gap between traditional fiat and the emerging web3
ecosystem, PYUSD has quickly gained traction. Yesterday (Wednesday), PayPal
announced that its stablecoin is now available on Venmo for selected users,
with plans for a full-scale rollout soon. The new feature allows zero-cost
transfers between PayPal and Venmo. According to PayPal, it marks the first
instance of free and fast stablecoin-enabled wallet interoperability on such a
large scale.
Venmo users
can now purchase PYUSD and send it to friends and family, not just on Venmo and
PayPal, but also to compatible external wallets. Standard blockchain network
fees will apply for those using other wallets or accepting PYUSD as merchants.
βWe remain
fully committed to the mission behind PYUSD: deploying a safe, regulated
stablecoin at scale both for the web3 ecosystem and for everyday payments, and
we look forward to sharing more updates in the future,β PayPal commented in the
official press release.
Venmo is an
American mobile payment service provider that was launched in 2009 and acquired
by PayPal in 2013. With the growing popularity of contactless payments using
smartphones and smartwatches, Venmo additionally gained additional traction. According
to data released by the payment giant last year, Venmo surpassed 90 million
accounts in the US, as a result of which one in four consumers in the United
States uses the payment app for everyday purchases.
According
to data for the second quarter of 2023, Venmo's total payment volume ranked at
$67 billion. This compares to ten times less of $6 billion, which was recorded six years ago.
PYUSD's Growing Ecosystem
PayPal's
PYUSD is not just limited to PayPal and Venmo. It has already integrated into
the broader crypto market. Within weeks of its launch, it became available on
major exchanges like Crypto.com, Bitstamp, Coinbase, and Kraken.
It is also
supported by main crypto wallets like MetaMask, Ledger, and Phantom and
institutional services like Fireblocks, Copper, Paxos, and Fordefi. Notably,
PYUSD received the green light from the New York State Department of Financial
Services, simplifying its adoption among licensed virtual currency entities in
the state.
Although it
still lags behind on a list of major stablecoins, its market capitalization is continuing to grow. Currently, it stands at $44 million with a daily transaction
volume exceeding $3 million. If the list of largest stablecoins were analyzed
based on the value of daily transactions, it would rank 12th, outperforming
larger projects like Pax Dollar (USDP).
In a notable shift within PayPal's cryptocurrency endeavors, Alex Chriss is set to assume the role of President and CEO at the end of September, succeeding Dan Schulman. Chriss presently serves as the Executive Vice President and General Manager of the Small Business and Self-Employed Group at tech firm Intuit, a company renowned for its offerings like QuickBooks, TurboTax, and Mailchimp.
A significant advantage for PYUSD is the public's view of PayPal as a reliable, secure, and regulatory-compliant entity. In the meantime, the company has expanded its current crypto payment support.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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