Payment system PayPal has expanded its presence on Web3, announcing that its PYUSD stablecoin is now available on Venmo.
"Venmo users are able to purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets," the company said in a statement.
At the same time, the company clarified that so far, PayPal USD on Venmo is only available to select users, but in the near future, access will be open to all.
PayPal also stressed that since the launch of PYUSD, the stablecoin has been supported by a number of major cryptocurrency exchanges (Crypto.com, Bitstamp, Coinbase, and Kraken), leading wallets (MetaMask, Ledger, and Phantom), custodians and institutional service providers (Fireblocks, Copper, Paxos, and Fordefi), cryptocurrency payment service providers (Bitpay), as well as a number of decentralized applications.
In doing so, PayPal USD has been green-listed by the New York State Department of Financial Services, facilitating support for PYUSD by digital asset companies licensed in New York.
The primary goal of PayPal USD (PYUSD) is to provide the market with a stable form of digital value designed to link fiat dollars with the Web3 ecosystem and, over time, reduce the friction of everyday payments by increasing speed and lowering cost.
"We remain fully committed to the mission behind PYUSD: deploying a safe, regulated stablecoin at scale both for the Web3 ecosystem and for everyday payments," PayPal said in a statement.
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