BVNK, a payments infrastructure provider, has declared the
integration of PayPal USD (PYUSD), a stablecoin, into its platform. The
issuance of PYUSD is solely handled by Paxos Trust Company, under the
regulatory oversight of the New York Department of Financial Services (NYDFS).
Enhancing Payment Options
This integration allows businesses to access PYUSD, a
stablecoin pegged to the US dollar, through BVNK’s payments platform. Alongside
PYUSD, users can also engage with 14 other popular digital currencies, leading
stablecoins, and 25 fiat currencies. As an approved participant in the PYUSD
ecosystem, BVNK possesses the capability to both create and remove PYUSD tokens
for its clientele.
BVNK
Co-Founder and VP of Commercial Strategy Chris Harmse, said: “We’re building
modern payments infrastructure to enable more businesses to operate across
banks and blockchains and maximise financial flexibility.”
“Stablecoins make up almost 90% of the payments we process,
and they’re very important to our customers as a way to settle global payments
efficiently. We’re thrilled to introduce PYUSD to our platform. As a stablecoin
that connects into PayPal’s extensive payments network, it’s a valuable payment
option for many businesses.”
PYUSD Conversions to Major Fiat Currencies
Through this integration, BVNK customers gain access to
various functionalities, including creating PYUSD wallets, settling payments to
suppliers, contractors, and employees worldwide, and accepting consumer
payments in PYUSD.
Additionally, users can convert PYUSD into fiat currencies
such as EUR and GBP through BVNK’s API, hosted payments page, or merchant
portal. It’s worth noting that while PYUSD operates within regulatory
frameworks overseen by NYDFS, it is not currently regulated in the UK.
Nick Robnett, Head of Asset Growth at Paxos said: “PYUSD is
bringing greater trust to digital assets. We’re seeing growth every day as it’s
rolled out across the PayPal ecosystem – and we’re delighted to team up with
BVNK to give more businesses access to PYUSD, and more options for how they
move their money globally.”
This article was written by Tareq Sikder at www.financemagnates.com.
