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PayPal's PYUSD Stablecoin Now on Venmo
PYUSD is backed by U.S. dollar deposits, short-term US Treasuries, and other cash equivalents.
Vineet Karhail
September 22, 2023
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BREAKING ⚠️ : The State of Crypto Report (September 2023)
PayPal just announced that its stablecoin, PYUSD, is coming to Venmo within a week.
You can buy PYUSD in Venmo and send it over to PayPal, other Venmo accounts, and compatible external wallets.
PYUSD is already trading on exchanges like Crypto.com, Kraken, and Coinbase.
It's also supported by wallets like MetaMask, Ledger, and Phantom.
Being available on Venmo not only adds credibility and utility to PYUSD, but it will give PYUSD access to most American users who use Venmo on a daily basis.
It could become a major player in the stablecoin market.
PYUSD is backed by U.S. dollar deposits, short-term US Treasuries, and other cash equivalents, similar to USDC and USDT.
DAI, a stablecoin by MakerDAO, is backed by multiple cryptocurrency holdings (ETH, BAT, WBTC, and more) based on the assets of MKR stakeholders.
USDC, USDT, and DAI are the three largest stablecoins.
PYUSD is currently ranked 59 with a market cap of just under $10 million, according to Defillama.
Venmo is owned by PayPal, and this access to a new user base might increase PYUSD’s market cap even further.
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