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 <p>PayPal today introduced its crypto stablecoin <a rel="noopener noreferrer nofollow" title="PYUSD" href="https://thebittimes.com/tag/pyusd.html">PYUSD</a>. PayPal USD will be pegged to the US dollar and backed by cash equivalents and short-term treasuries.</p> 
 <p><a rel="noopener noreferrer nofollow" title="PYUSD" href="https://thebittimes.com/tag/pyusd.html">PYUSD</a> will be redeemable for dollars at any time. It can also be exchanged for other cryptocurrencies available on PayPal’s network, according to PayPal’s announcement. <a rel="noopener noreferrer nofollow" title="PYUSD" href="https://thebittimes.com/tag/pyusd.html">PYUSD</a> can be used to fund purchases and will soon be available on PayPal’s popular payments app <a rel="noopener noreferrer nofollow" title="Venmo" href="https://thebittimes.com/tag/venmo.html">Venmo</a>. Users will eventually be able to send their token holdings between a PayPal and a <a rel="noopener noreferrer nofollow" title="Venmo" href="https://thebittimes.com/tag/venmo.html">Venmo</a> wallet.</p> 
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    <p lang="en" dir="ltr">JUST IN: PayPal to integrate crypto stablecoin $PYUSD on Venmo.</p> 
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    </div> — Watcher.Guru (@WatcherGuru) August 7, 2023 
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 <p>PayPal introduced a feature that enabled users to store, buy, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in 2020. In June 2022, the company further&nbsp;expanded&nbsp;its offering by allowing users to transfer cryptocurrencies to external wallets. Now, the service is integrating its first-ever stablecoin.</p> 
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 <p><strong>Also read:&nbsp;PayPal <a rel="noopener noreferrer nofollow" title="PYUSD" href="https://thebittimes.com/tag/pyusd.html">PYUSD</a> Stablecoin Backed by Various Cash Equivalents</strong></p> 
 <p>The stablecoin is not limited to its peg to the US dollar. <a rel="noopener noreferrer nofollow" title="PYUSD" href="https://thebittimes.com/tag/pyusd.html">PYUSD</a> will also serve as a gateway to various other cryptocurrencies on PayPal’s expansive network, which are also expected to be transferable to USD with <a rel="noopener noreferrer nofollow" title="Venmo" href="https://thebittimes.com/tag/venmo.html">Venmo</a>.</p> 
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 <p>PYUSD is issued by Paxos Trust Company, according to the official&nbsp;press release. Additionally, the company states that PayPal customers will be able to transfer, send, use for purchases, or convert PayPal PYUSD in the next few weeks.&nbsp;</p> 
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<div class="cs-entry__tags"> 
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  <li>Paypal</li> 
  <li>PYUSD</li> 
  <li>Venmo</li> 
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PayPal to Integrate Crypto Stablecoin $PYUSD on Venmo

TheBitTimes

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