PayPal’s PYUSD Stablecoin Now Available on Venmo

BySamson Ononeme

Sep 22, 2023 , ,
PayPal's PYUSD Stablecoin Now Available on Venmo

Key Insights

  • PayPal’s stablecoin, PYUSD, is now accessible on the Venmo platform, marking a significant expansion of its cryptocurrency services.
  • PYUSD is backed by U.S. dollar deposits, short-term Treasuries, and similar assets, ensuring its stability.
  • The stablecoin has gained traction on various cryptocurrency exchanges, and BitPay has announced support for it.

PayPal, a major U.S.-based payment processor, has made an exciting move by introducing its own stablecoin, PYUSD, to the popular payment platform Venmo. This development was officially announced in a blog post on September 20th, signifying a significant step forward for the cryptocurrency industry.

PayPal’s PYUSD Stablecoin Now Available on Venmo

PYUSD, PayPal’s stablecoin, is pegged to the U.S. dollar, providing users with a stable and reliable digital currency.

It’s important to note that PayPal had previously disclosed plans to launch this stablecoin, with an emphasis on it being fully backed by U.S. dollar deposits, short-term Treasuries, and other cash equivalents. This move is aimed at instilling confidence in users and investors, as it ensures that PYUSD maintains a stable value.

The rollout of PYUSD on Venmo is expected to be gradual, with the stablecoin becoming increasingly accessible to users over the coming weeks.

This strategic approach allows PayPal to carefully integrate the cryptocurrency into Venmo‘s ecosystem while ensuring a seamless user experience.

PYUSD Gains Traction in the Crypto Community

PYUSD has already gained traction within the broader cryptocurrency landscape. Since its introduction to the open market, it has been listed on select exchanges, including well-known platforms like, Bitstamp, Coinbase, and Kraken. This broad availability showcases the growing acceptance of PYUSD within the cryptocurrency community.

Read also! Does PayPal USD Stablecoin Pose a Threat to Tether?

Notably, blockchain analytics firm Nansen reported in August that approximately 90% of PYUSD was held in wallets controlled by Paxos Trust. This highlights the significant role played by Paxos Trust in the issuance and management of PYUSD.

Another notable development is the decision by BitPay, a prominent crypto firm, to offer support for PYUSD. BitPay cited the utility of PYUSD in payments and its active community involvement as reasons for this decision, underlining the stablecoin’s potential as a medium of exchange.

PayPal’s journey into the world of cryptocurrencies has been steady and deliberate. In 2021, the company began accepting digital asset payments, a move that marked its entry into the crypto space. Subsequently, in 2023, it established on- and off-ramps for Web3 payments, further solidifying its presence in the evolving landscape of digital finance.

Read also! How to Buy PYUSD Stablecoin on PayPal

The approval of PYUSD by the New York State Department of Financial Services, which included the stablecoin on its greenlist of approved coins, adds an extra layer of legitimacy to PayPal’s foray into the cryptocurrency world. This regulatory endorsement enhances trust and confidence among users and investors alike.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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