Exciting news for Venmo users and stablecoin enthusiasts!
Venmo has officially started supporting PayPal's branded USD-pegged stablecoin, PYUSD, opening new financial possibilities for its users.
Read our detailed guide to understand the implications of this groundbreaking move, the participating platforms, and how you can maximize your crypto dealings using PYUSD on Venmo.
PYUSD Becomes Available on Venmo
PayPal announced on September 20, 2023, that its branded US Dollar-pegged stablecoin, PayPal USD (PYUSD), is now available on Venmo.
PYUSD is issued by the Paxos Trust Company and is designed to have its value stably pegged at one dollar. The asset is backed by US Dollar deposits, short-term US government bonds, and equivalent cash assets.
As of September 20, 2023, PYUSD is accessible for a subset of Venmo users, and it's expected to be fully rolled out in the coming weeks.
By supporting PYUSD on Venmo, users now have the ability to purchase PYUSD and transfer it to PayPal, Venmo, and other compatible external wallets.
Supported Exchanges and Wallets
The recent announcement also reported a steady increase in the number of companies and services supporting PYUSD.
Specifically, the stablecoin is now supported by the following cryptocurrency exchanges, wallets, service providers, and digital payment providers:
【Cryptocurrency Exchanges】
- Crypto.com
- Bitstamp
- Coinbase
- Kraken
【Wallets】
- MetaMask
- Ledger
- Phantom
【Service Providers】
- Fireblocks
- Copper
- Paxos
- Fordefi
【Digital Payment Providers】
- Bitpay
-
American Treasury Department Proposes New Rules for Cryptocurrency Taxes, Raises Concerns About "Wallet and DEX KYC Requirements"
Explore the proposed US Treasury regulations on cryptocurrency taxes, aiming to enhance compliance. Concerns arise over potential KYC requirements for wallets and DEXs.
続きを見る