1 year ago
On Wednesday, the outgo elephantine Paypal announced that the stablecoin PYUSD is present disposable connected Venmo. Paypal elaborate that the stablecoin plus volition beryllium disposable to prime Venmo users and afloat rotation retired for each users “in the coming weeks.”
Paypal Stablecoin PYUSD Makes Its Way to Venmo
Paypal has disclosed that Venmo users tin present leverage the firm’s proprietary stablecoin, PYUSD. The rollout is starting with prime Venmo users, but soon each Venmo customers volition beryllium capable to “able to acquisition PYUSD and nonstop it to friends and household connected Paypal, Venmo, and compatible outer wallets.”
The institution notes that transfers betwixt Paypal users and Venmo are “fast and free,” with the objection of blockchain web fees. PYUSD is an ERC20 token, which means the coin is taxable to fees associated with the Ethereum interest marketplace and artifact space.
For example, etherscan.io indicates that the outgo to transportation an ERC20 token connected September 20, 2023, astatine 2:00 p.m. (ET), ranges from $2.65 to $2.91 per transaction. Paypal further mentions successful the announcement that PYUSD is present disposable connected assorted platforms, including Coinbase, Crypto.com, Bitstamp, Kraken, MetaMask, Ledger, Phantom, Bitpay, and Fireblocks, among others.
The payments institution besides highlights its caller support by the New York State Department of Financial Services. The latest improvement comes connected the heels of PYUSD’s archetypal transparency report, which unveiled the backing of currency and U.S. Treasury reverse repurchase agreements arsenic reserves.
As of September 20, astir 44.37 cardinal PYUSD coins are successful circulation. A full of 698 chiseled addresses presently clasp PYUSD, with these wallets collectively executing 3,354 transfers since the currency’s launch. Additionally, the apical 100 holders jointly person 99.96% of the PYUSD supply, equivalent to 44,358,474.05 PYUSD tokens.
What bash you deliberation astir PYUSD being supported by Venmo? Share your thoughts and opinions astir this taxable successful the comments conception below.
English (US) 