Paypal has taken another significant step in the crypto space by announcing that its stablecoin, PYUSD, is now accessible on the popular payment app Venmo. Initially, PYUSD will be made available to a limited number of Venmo users, with plans to extend the service to all users in the upcoming weeks.
Paypal’s decision allows Venmo users to utilize the PYUSD stablecoin for transactions. As the service becomes more widely available, Venmo customers will have the capability to purchase PYUSD and seamlessly send it across platforms, specifically to other users on both Paypal and Venmo, as well as to compatible external wallets.
The convenience of PYUSD transfers between Paypal and Venmo users is accentuated by the fact that they are both quick and free. However, users need to be mindful of additional fees associated with the Ethereum blockchain, as PYUSD is an ERC20 token. This means transfers are subject to Ethereum’s variable fee structure. As a reference, on September 20, 2023, the cost to transfer an ERC20 token ranged between $2.65 and $2.91 per transaction.
PYUSD’s reach extends beyond just Paypal and Venmo. The stablecoin is now integrated with numerous platforms such as Coinbase, Crypto.com, Bitstamp, Kraken, MetaMask, Ledger, Phantom, Bitpay, Fireblocks, and more.
Further solidifying its presence in the crypto landscape, PayPal highlighted its recent approval by the New York State Department of Financial Services. This endorsement aligns with the unveiling of PYUSD’s inaugural transparency report, which disclosed its reserves backed by cash and U.S. Treasury reverse repurchase agreements.
As of September 20, there are roughly 44.37 million PYUSD coins in circulation. The distribution shows that 698 unique addresses hold the stablecoin, cumulatively making 3,354 transfers since PYUSD’s inception. A notable observation is that the top 100 wallet addresses command a staggering 99.96% of the total PYUSD supply, amounting to 44,358,474.05 PYUSD tokens.