U.Today - PayPal (NASDAQ:PYPL)'s dollar-pegged stablecoin, PayPal USD (PYUSD), its reach by becoming available on Venmo, PayPal's peer-to-peer payment platform.
This comes just over six weeks after PYUSD was introduced with the goal of connecting fiat currencies to the web3 ecosystem and enhancing payment efficiencies.
According to a press release issued by PayPal, select Venmo users can now purchase PYUSD and make seamless transfers to other PayPal and Venmo users as well as to compatible external wallets.
A Significant Step for Venmo
PayPal's acquisition of back in 2013 was a pivotal move that expanded its foothold in the peer-to-peer payments space. The introduction of PYUSD to the Venmo platform takes this a step further, targeting millions of users for both services.According to the company, allows for no-cost, fast transactions between PayPal and Venmo, marking the first time a stablecoin has achieved such large-scale interoperability. Venmo users can also transfer the stablecoin to external wallets and merchants that accept PYUSD as payment, although blockchain network fees will apply.