How PYUSD on Venmo Could Change the Game for PayPal

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 of the US-based consumers.

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
Stablecoin

Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including

Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including
Read this Term 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.