Venmo Adds Support for PayPal’s Stablecoin

Venmo, a peer-to-peer payment platform, will soon introduce PYUSD, the stablecoin offered by PayPal. According to a recent release, PayPal’s ERC-20 stablecoin will be available for purchase in the upcoming weeks.

Users will be able to buy and send PYUSD to others on PayPal, Venmo, or compatible external wallets.

This move enables wallet interoperability at scale with no cost and connects two wallets with millions of users each.

PYUSD is the latest digital asset added to Venmo’s list of offerings, which already includes crypto purchases launched in 2021.

Venmo, a subsidiary of PayPal, launched PYUSD in partnership with Paxos on August 7.

One month later, on September 11, PayPal introduced a service that allows for crypto-to-USD conversions, enabling users to transfer digital currency for US fiat.