By Mark Hunter
1 day agoThu Sep 21 2023 09:38:51
Reading Time: 2 minutes
- PayPal has introduced its PYUSD stablecoin to Venmo, expanding the app’s cryptocurrency offerings to a total of five
- This integration marks a significant step, enabling seamless fund transfers between PayPal and Venmo wallets
- Despite positive reception in the crypto community, PYUSD’s market capitalization remains modest at just under $44 million, compared to giants like Tether and USDC.
PayPal has expanded the reach of its PYUSD stablecoin by adding it to its payment app, Venmo, expanding the range of cryptocurrencies available on the app to five. PYUSD will initially be available to select users, with plans to gradually roll it out to a wider customer base in the forthcoming weeks. The company will hope this addition increases the uptake of the cryptocurrency following a less-than-stellar debut in the wider crypto world.
Venmo Move Always in the Pipeline
The integration of PYUSD into Venmo comes just over six weeks after PayPal unveiled the stablecoin, which garnered substantial attention within the crypto industry and beyond. The announcement marks a significant milestone as it introduces interoperability between the PayPal and Venmo wallets, enabling users to transfer funds seamlessly between the two platforms, a feature previously unavailable without users paying for the privilege.
PYUSD was always going to be added to Venmo given PayPal’s ownership of it, with the company hoping that its brand name and provable backing can encourage users to try it.
PYUSD Has Made a Splash…of Sorts
Despite questions about how it would distinguish itself from established stablecoin giants like Tether and USDC, PayPal’s entry into the stablecoin market was warmly received by the crypto community. However, PYUSD’s market capitalization has reached just under $44 million since its launch, a modest figure compared to Tether’s $83 billion and USDC’s $26 billion market caps.
Not everyone has been happy about its introduction though, with some comparing it to Facebook’s effort to bring its own Libra cryptocurrency to the masses.
