PayPal has announced that its PYUSD stablecoin is now available on Venmo. The payments firm said that the stablecoin, which is pegged to the U.S. dollar, is already available to Venmo users and will be “rolling out fully in the coming weeks”. The stablecoin is issued by Paxos Trust and is fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents. It is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken. PayPal has been making steady inroads into the crypto space, accepting digital assets payments in 2021 and establishing on- and off-ramps for Web3 payments in 2023. The New York State Department of Financial Services included PYUSD on its greenlist of coins approved by the regulator. BitPay also announced that it would be adding support for PYUSD, citing “payment utility and community involvement.”

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	9
People	Paxos Trust, Nansen, BitPay, Coinbase., PayPal
Companies	Paxos Trust, PayPal, Kraken, New York State Department of Financial Services, Nansen, BitPay, Bitstamp, Coinbase, Crypto.com
Currencies	Bitcoin, Ethereum, treasuries, US Dollar, PayPal USD
Securities	None