{"id":84805,"date":"2023-09-21T10:13:45","date_gmt":"2023-09-21T07:13:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84805"},"modified":"2025-09-12T19:33:54","modified_gmt":"2025-09-12T16:33:54","slug":"venmo-adds-support-for-paypals-stablecoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/venmo-adds-support-for-paypals-stablecoin\/","title":{"rendered":"Venmo adds support for PayPal\u2019s stablecoin"},"content":{"rendered":"<p>The PayPal-owned mobile payments service Venmo <a href=\"https:\/\/newsroom.paypal-corp.com\/2023-09-20-PayPal-USD-is-now-available-on-Venmo\">added<\/a> support for its parent company&#8217;s US-dollar pegged stablecoin PYUSD.<\/p>\n<p>Operations with the stablecoin are currently available to a select group of users. The asset will be rolled out at scale in the coming weeks.<\/p>\n<p>PayPal <a href=\"https:\/\/forklog.com\/en\/news\/paypal-launches-paypal-usd-stablecoin-pyusd\">announced<\/a> the launch of the stablecoin on August 7. PYUSD is built on the Ethereum blockchain under the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-erc-20-tokens\">ERC-20<\/a> standard. The issuer is the infrastructure company Paxos.<\/p>\n<p>According to the statement, the coin is designed to connect fiat dollars to the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a> ecosystem, simplifying everyday payments while increasing speed and reducing costs.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cVenmo users can buy PYUSD and send them to friends and family through PayPal, Venmo and compatible external wallets,\u201d the press release said.<\/p>\n<\/blockquote>\n<p>Transactions between the two related platforms are free. External wallets and merchants that accept payments in the stablecoin will also be able to receive transfers via Venmo, with a blockchain fee applying to such transfers.<\/p>\n<p>PayPal noted that PYUSD is already present in native crypto practice and is becoming more accessible as the ecosystem grows. In the weeks since launch, a number of entities have added support for the coin:<\/p>\n<ul class=\"wp-block-list\">\n<li>exchanges (Crypto.com, Bitstamp, <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-adds-support-for-paypals-stablecoin-pyusd\">Coinbase<\/a> and Kraken);<\/li>\n<li>wallets (MetaMask, <a href=\"https:\/\/forklog.com\/en\/news\/ledger-inks-partnership-with-paypal\">Ledger<\/a> and Phantom);<\/li>\n<li>custodians and providers of institutional services (Fireblocks, Copper, Paxos and Fordefi);<\/li>\n<li>well-known DeFi applications.<\/li>\n<\/ul>\n<p>Earlier, Tether co-founder William Quigley <a href=\"https:\/\/forklog.com\/en\/news\/tether-cofounder-assesses-paypals-stablecoin-prospects\">assessed the prospects<\/a> for using PayPal&#8217;s stablecoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The PayPal-owned mobile payments service Venmo has added support for its US-dollar pegged stablecoin PYUSD.<\/p>\n","protected":false},"author":1,"featured_media":84806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[182,1481,807],"class_list":["post-84805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-paypal","tag-pyusd","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=84805"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84805\/revisions"}],"predecessor-version":[{"id":84807,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/84805\/revisions\/84807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/84806"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=84805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=84805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=84805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}