PayPal Races Ahead, Venmo Users Get Access to PYUSD

Within six weeks of launching its stablecoin PYUSD, PayPal Holdings Inc PYPL managed to not only be compatible with numerous blockchain platforms but also been able to secure a spot in the New York Department of Financial Services (NYDFS) greenlist.

What Happened? PayPal announced in a blog post today, “Individuals using compatible external wallets, and merchants accepting payments in PYUSD, will also be able to receive transfers from Venmo users. Blockchain network fees apply.”

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The rollout is currently only for select users with a complete rollout expected in the coming weeks.

PYUSD is now available on MetaMask, Kraken, Coinbase, Crypto.com and Fireblocks, among the other crypto exchanges, wallets and custodians. In early September, Huobi listed PayPal’s stablecoin on its platform. 

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Notably, PYUSD is backed by cash reserves and U.S. Treasury reverse repurchase agreements. Paxos, the issuer of the stablecoin, noted that $45.36 million is backed in Treasury securities, out of which $1.5 million is in cash reserves.

Other Highlights: Yesterday, NYDFS made major changes to its list of approved cryptocurrencies. It removed more than two dozen tokens from its greenlist, but Bitcoin, Ethereum and PYUSD were among the eight that remained on it.

Early last week, the payment gateway company launched PayPal On and Off Ramps integration, a secure and structured payment solution.

Read More: New York Regulator Revamps 'Greenlist,' Drops Ripple, Dogecoin And Litecoin Among Other Coins

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Photo: Courtesy Paxos