PayPal USD stablecoin will be used on payment app Venmo. This move by PayPal will enable Venmo, which started offering crypto purchases in 2021, to provide “another digital asset that users can transact with.” Additionally, with this agreement, PYUSD will be the first stablecoin to provide wallet interoperability free of charge.
The first stablecoin to provide for free
Venmo, a social payment platform under PayPal, will launch the PayPal USD (PYUSD) stablecoin.
PayPal’s ERC-20 stablecoin will be available for purchase in the coming weeks. Users will be able to purchase PYUSD and send it to others via PayPal, Venmo, or compatible external wallets.
“Transfers between PayPal and Venmo users are fast and free, connecting two wallets with millions of users each,” PayPal describes as the first example of a stablecoin that provides interoperability of wallets for free. he said.
