PayPal Races Ahead, Venmo Users Get Access to PYUSD

Within six weeks of launching its stablecoin PYUSD,PayPal Holdings Inc PYPL achieved great features including compatibility with numerous blockchain platforms and approval from the New York Department of Financial Services (NYDFS). The payment gateway company not only launched PayPal On Ramps integration but also manages to secure a place in NYDFS greenlist. Currently, the rollout is restricted to selective users but complete launch is expected in the coming few weeks. PYUSD is now available across several crypto exchanges, wallets and custodians, among which are MetaMask, Kraken, Coinbase, and Fireblocks.

PYUSD is backed by cash reserves and US Treasury reverse repurchase agreements whereby $45.36 million is linked to Treasury securities, out of which $1.5 million is held as cash reserves. It was noted by Paxos, which is one of the issuers of the stablecoin, yesterday that New York DF evacuated more than two dozen tokens from its greenlist, however, Bitcoin, Ethereum and PYUSD remained on the list.

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Robert Wilson author
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