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PayPal's Stablecoin is Gaining Momentum

September 21, 2023
x min read

PayPal’s stablecoin is here and it’s gaining momentum.

What’s happening:

  • PayPal (NASDAQ: PYPL) recently made waves when they announced they were launching their very own stablecoin called PYUSD
  • PYUSD has now been given regulatory approval by New York State Department of Financial Services
  • PayPal has announced that PYUSD is now available on Venmo to be used for transactions

The details:

  • Currently PYUSD is available only to select users on Venmo, but it plans to be available to all users within a matter of weeks
  • This will enable payments and transfers using PYUSD for any users of PayPal or Venmo

By the numbers:

  • So far there is $44M USD of PYUSD issued as the circulating supply

Going deeper:

  • PayPal has been notably integrating crypto into their technology in various ways over the past few years
  • Prior to launching PYUSD, users on PayPal were already able to buy and sell crypto, checkout for payments with merchants using crypto and transfer crypto to compatible wallets
  • Now with their own flagship stablecoin, PayPal has created a diverse ecosystem around crypto that supports cross border transfers and payments
  • PayPal is the first ever publicly traded company in the United States to issue their own stablecoin

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