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PYUSD is competing with rivals such as Circles USDC and Tethers USDT.
Institutional crypto custodians like Coinbase offer competing rewards programs.
Anchorage Digital, a leading institutional-grade crypto platform, has launched a reward program for institutional investors holding PYUSD on its platform or in its self-custody wallet Porto, according to an Aug. 22 statement. The company announced that institutions using its services or Porto can now earn “competitive rewards” on their PYUSD holdings. Unlike other reward programs […]
The post Anchorage Digital launches reward program for PYUSD holders amid $1B milestone appeared first on CryptoSlate.
The cryptocurrency market is mired in neutral sentiment, with only little rebounds sprinkled. The market leader in cryptocurrencies, Bitcoin, has increased its value by about 2% since yesterday, eyeing the $60,000 mark. Nevertheless, today’s main attraction is Paypal USD (PYUSD. A dollar-pegged token that has seen tremendous growth in recent
PayPal’s U.S. dollar-pegged stablecoin, PYUSD, has seen significant expansion since its inception, with its supply on Solana now exceeding that on Ethereum. In August 2023, PYUSD launched on Ethereum in partnership with custodian Paxos, and its initial supply grew to $230 million by the end of the year. Due to
Launched via a cooperation with custodian company Paxos in August 2023, PayPals USD-pegged stablecoin PYUSD has had its market supply surpass 500 million tokens. By the end of 2023, PYUSD’s supply had grown to 230 million after its launch. According to statistics compiled by DeFiLlama, the total quantity of stablecoins
PayPal’s PYUSD stablecoin supply has grown by 90% after it expanded to the Solana blockchain in May, with its market capitalization surpassing the $500 million mark as of July 8. According to DeFillama data, PYUSD’s total supply on Solana and Ethereum has reached approximately $520 million on July 8. Solana is driving PYUSD growth A […]
The post PayPal’s PYUSD supply surges 90% after Solana expansion, market cap hits $500 million appeared first on CryptoSlate.
PayPal USD (PYUSD), issued by Paxos, is now available on Crypto.com Pay, enhancing utility for millions of users. (Read More)
The speed and scalability of Solana makes PYUSD accessible, cost-effective and instantaneous, facilitating an array of use cases.
Learn how PYUSD works, its benefits and how to buy, use and store this dollar-backed digital currency.
PayPal said it has expanded its US dollar stablecoin PYUSD to the Solana blockchain network to empower its users with fast, secure, and cheaper stablecoin transactions, according to a May 29 statement. Solana corroborated this development in a separate statement, adding that PYUSD holders would enjoy a “high throughput and speed of settlement” and a […]
The post PayPal banks on Solana’s stablecoin dominance to bolster PYUSD adoption appeared first on CryptoSlate.
PayPal has integrated its stablecoin Paypal USD (PYUSD) with the Solana blockchain, promising faster and more cost-effective transactions. This move aims to enhance user flexibility by leveraging Solanas capability tohandle high-volume, low-cost transactions efficiently.
PayPal USD Joins Forces with Solana
PayPal announced the availability of PYUSD on theSolana blockchain during the crypto event, Consensus 2024. Solana is renowned for its ability to process a vast number of transactions quickly and at minimal cost, making it an ideal platform for stablecoin transfers. According to data from blockchainanalytics platform Artemis, Solana is the leading blockchain for tokenizedtransactions, making it a perfect match for PYUSD payments.
Sheraz Shere, the GM of Payments at the SolanaFoundation, mentioned: "The Solana network's speed and scalability make it theideal blockchain for new payment solutions that are accessible, cost-effective,and instantaneous. Continued adoption from industry participants like PayPalhelps realize the next generation of fintech innovation."
The integration with Solana reportedly ensures thatPYUSD maintains a unified balance in PayPal and Venmo wallets, regardless ofthe blockchain used. This feature aims to enhance user experience, offering theoption to transfer PYUSD via either Ethereum or Solana. Crypto.com, Phantom,and Paxos are among the platforms that will facilitate the purchase of PYUSD onSolana.
Issued by Paxos Trust Company
PayPal USD is issued by Paxos Trust Company, an entityregulated under the New York State Department of Financial Services. Thestablecoin is fully backed by US dollar deposits, US Treasuries, andsimilar cash equivalents. Users can buy or sell PYUSD through PayPal and Venmoat a rate of $1 per PYUSD.
Recently, BVNK, a payments infrastructure provider,integrated PYUSD into its platform to enhance its payment optionsfor businesses. This integration enables businesses to transact using the US dollar-peggedstablecoin. Alongside PYUSD, users can access 14other popular digital currencies and 25 fiat currencies, broadening thespectrum of payment choices.
BVNK customers can also access various functionalities,including creating PYUSD wallets, settling payments globally, and acceptingconsumer payments in PYUSD. Additionally, they can convert PYUSD into majorfiat currencies like EUR and GBP through BVNK's API, hosted payments page, ormerchant portal, facilitating transactions across borders.
This article was written by Jared Kirui at www.financemagnates.com.
BVNK integrates PayPal's stablecoin PYUSD to its platform, offering businesses a trusted option for global transactions.
The post PayPal’s stablecoin PYUSD joins BVNK’s crypto payment ecosystem appeared first on Crypto Briefing.
BVNK, a payments infrastructure provider, has declared theintegration of PayPal USD (PYUSD), a stablecoin, into its platform. Theissuance of PYUSD is solely handled by Paxos Trust Company, under theregulatory oversight of the New York Department of Financial Services (NYDFS).
Enhancing Payment Options
This integration allows businesses to access PYUSD, astablecoin pegged to the US dollar, through BVNK's payments platform. AlongsidePYUSD, users can also engage with 14 other popular digital currencies, leadingstablecoins, and 25 fiat currencies. As an approved participant in the PYUSDecosystem, BVNK possesses the capability to both create and remove PYUSD tokensfor its clientele.
BVNKCo-Founder and VP of Commercial Strategy Chris Harmse, said: Were buildingmodern payments infrastructure to enable more businesses to operate acrossbanks and blockchains and maximise financial flexibility.
Stablecoins make up almost 90% of the payments we process,and theyre very important to our customers as a way to settle global paymentsefficiently. Were thrilled to introduce PYUSD to our platform. As a stablecointhat connects into PayPals extensive payments network, its a valuable paymentoption for many businesses.
PYUSD Conversions to Major Fiat Currencies
Through this integration, BVNK customers gain access tovarious functionalities, including creating PYUSD wallets, settling payments tosuppliers, contractors, and employees worldwide, and accepting consumerpayments in PYUSD.
Additionally, users can convert PYUSD into fiat currenciessuch as EUR and GBP through BVNK's API, hosted payments page, or merchantportal. It's worth noting that while PYUSD operates within regulatoryframeworks overseen by NYDFS, it is not currently regulated in the UK.
Nick Robnett, Head of Asset Growth at Paxos said: PYUSD isbringing greater trust to digital assets. We're seeing growth every day as itsrolled out across the PayPal ecosystem and were delighted to team up withBVNK to give more businesses access to PYUSD, and more options for how theymove their money globally.
This article was written by Tareq Sikder at www.financemagnates.com.PayPal is stepping forward in terms of its stablecoin development and adoption with a new announcement. It is planning to offer a 3.7% annual return on its PYUSD stablecoin balance to its users. The yield accumulates daily, and users will receive it on a monthly basis. Payment platform PayPal seems
Payment giant PayPal is rolling out a new rewards initiative that will allow US users holding its PYUSD stablecoin to earn up to 3.7% interest annually, according to an April 23 statement. The program will begin this summer and be available across both PayPal and Venmo platforms. PYUSD reward program PYUSD is a US dollar-backed […]
The post PayPal shakes up stablecoin market with 3.7% interest rewards on PYUSD appeared first on CryptoSlate.
PayPal plans to offer a 3.7% annual return on its stablecoin, PYUSD, in a move to draw more users and gain solid ground in a market already led by stronger competitors. The goal is to engage users and drive wider adoption. The returns will be paid monthly in PYUSD. According to a report covered by […]
The stablecoin sector experienced a $3.26 billion expansion within the last eight days, climbing from $140.82 billion to $144.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five. Stablecoin Economy Rises 2.31% in [...]
The post Stablecoin Sector Sees $3.26 Billion Growth Spurt; Tether Nears $100B Milestone, USDE Supply Swells by 374% appeared first on Crypto Breaking News.
In the last day, the global trading volume has hit $203 billion, with stablecoins accounting for an impressive $133 billion of that total. Among the array of stablecoin assets tied to the U.S. dollar, Paypal’s PYUSD has emerged as a top ten player. Yet, despite the ongoing cryptocurrency market upswing, PYUSD has shown minimal activity [...]
The post Despite Crypto Uptick, Paypals PYUSD Stays Quiet in the Top Ten Stablecoin Race appeared first on Crypto Breaking News.
In a bid to accelerate the adoption of PayPal USD(PYUSD), a USD-backed stablecoin issued by Paxos, Chainlink has introduced PYUSD Chainlink Price Feed on Ethereum. This integration aims toprovide market data for PYUSD on the blockchain, promoting its adoption foron-chain transactions.
PYUSD, an open and programmable stablecoin backed bydollar deposits, US treasuries, and cash equivalents, facilitates payments andserves as collateral for DeFi projects on Ethereum.
PYUSD Chainlink Price Feeds
By integrating Chainlink Price Feeds, Paxos andChainlink aim to enhance the adoption of tokenized real-world assets andscale on-chain finance globally.
Chainlink's security infrastructure seeks to ensurethe integrity of PYUSD data on-chain. By sourcing data from aggregators andutilizing blockchain node operators, Chainlink Price Feeds offers market dataessential for establishing fast markets and bolstering liquidity in the DeFispace, the company said in a statement published by Paxos.
Chainlink is a decentralized computing platform thatfacilitates access to real-world data. It provides DeFi projects with data andsecurity, driving the adoption of PYUSD and other tokenized assets. Last year, PayPal launched PYUSD to facilitate crypto payments. This digitalasset aims toprovide users with a stable instrument amidst the volatile crypto market.
The Functionality of PYUSD
PYUSD was launched in collaboration with PayPal andPaxos Trust Company. The cryptocurrencies that can be traded with PYUSDinclude Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Users can acquire PYUSD through PayPal for peer-to-peer transfers or online purchases. Besides that, PYUSD serves as abridge for converting various cryptocurrencies supported by PayPal into stabledigital assets.
To ensure transparency and trustworthiness, Paxospledged to release monthly reports detailing the financial instruments backingPYUSD. Additionally, PYUSD is accessible through Venmo, further expanding itsreach in the digital payments sector. Paxos is the issuer of regulated digital assets like PYUSD,USDP, and PAXG.
Venmo, initially launched in 2009 and acquired byPayPal in 2013, has seen significant growth in recent years. With over 90million accounts in the US and $67 billion in total payment volume in thesecond quarter of 2023, Venmo has become a popular choice for contactlesspayments.
According to a report by Finance Magnates, itsintegration of PYUSD further solidified the platform's position in the digital paymentmarket and opened new opportunities for cryptocurrency adoption among its users. Since its launch, PYUSD has quickly been integrated into the broadercryptocurrency market.
This article was written by Jared Kirui at www.financemagnates.com.World Crypto Global opens the door to digital freedom for everyone.
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