PayPal Races Ahead, Venmo Users Get Access to PYUSD
Portfolio Pulse from Khyathi Dalal
PayPal Holdings Inc (NASDAQ:PYPL) has announced that its stablecoin PYUSD, launched six weeks ago, is now compatible with numerous blockchain platforms and has secured a spot in the New York Department of Financial Services (NYDFS) greenlist. The company also revealed that Venmo users will be able to receive transfers from individuals using compatible external wallets and merchants accepting payments in PYUSD. The rollout is currently only for select users, with a complete rollout expected in the coming weeks. PYUSD is backed by cash reserves and U.S. Treasury reverse repurchase agreements.
September 20, 2023 | 9:43 pm
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PayPal's stablecoin PYUSD has secured a spot on the NYDFS greenlist and is now compatible with numerous blockchain platforms. This could potentially increase the usage of PYUSD and boost PayPal's position in the crypto market.
The news is directly related to PayPal and its stablecoin PYUSD. The inclusion in the NYDFS greenlist and compatibility with various blockchain platforms could increase the usage of PYUSD, potentially boosting PayPal's revenues and its position in the crypto market.
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