PayPal announced that its on-chain, regulated, dollar-denominated stablecoin, PayPal USD (PYUSD), is now available on Venmo.
The launch of PYUSD on Venmo comes just over six weeks after the stablecoin was first introduced.
As another development today, cryptocurrency exchange Bybit announced that it would list PYUSD on its platform. Although PayPal did not explicitly approve these listings, it had listed many exchange tokens.
Venmo is a mobile payment service owned by PayPal that allows you to pay and request money. Designed for people who do not want to deal with cash, the application also functions as a social network.
Starting today, select Venmo users will be able to purchase PYUSD and send it to friends and family via PayPal, Venmo, and compatible external wallets. In a first for a stablecoin, transfers between PayPal and Venmo users will be fast and free.
People using compatible external wallets and traders who accept payments in PYUSD will also be able to receive transfers from Venmo users. However, in this case blockchain network fees will apply. PYUSD, a token on the Ethereum network, will have to cope with high transaction fees on this network.
*This is not investment advice.