PayPal USD (PYUSD), PayPal’s on-chain, regulated, dollar-denominated stablecoin 100% backed by U.S. dollar deposits, short-term U.S Treasuries, and similar cash equivalents, is available on Venmo starting today.
A little more than six weeks ago, we announced the launch of PayPal USD (PYUSD) with the mission of providing the market with a stable form of digital value designed to connect fiat dollars to the web3 ecosystem and over time, reduce friction from everyday payments while improving speed and lowering costs.
Consistent with that mission, we are pleased today to announce that PayPal USD is now available on Venmo to select users and will be rolling out fully in the coming weeks. Venmo users are able to purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets. In the first example of a stablecoin enabling wallet interoperability at scale with no cost, transfers between PayPal and Venmo users are fast and free, connecting two wallets with millions of users each.
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.
We are also pleased to note that PYUSD is already present in native crypto experiences, and continues to be made more broadly available as the ecosystem grows. In the few weeks since its launch in the open market, PYUSD is already present on select exchanges including Crypto.com, Bitstamp, Coinbase, and Kraken; leading wallets like MetaMask, Ledger and Phantom; custodians and institutional service providers like Fireblocks, Copper, Paxos and Fordefi; crypto payment service providers like Bitpay; and already supported by some of the most widely used decentralized applications.
In addition to the increased availability and distribution in these first few weeks, PayPal USD has been greenlisted by the New York State Department of Financial Services, making it easier for virtual currency entities licensed in New York to support PYUSD.
We remain fully committed to the mission behind PYUSD: deploying a safe, regulated stablecoin at scale both for the web3 ecosystem and for everyday payments, and we look forward to sharing more updates in the future.