PayPal deploys stablecoin on its Venmo app

PayPal has begun rolling out its stablecoin PYUSD on Venmosound mobile payment service very popular in United States.

Fintech PayPal announced on Wednesday the progressive launch of its stable token PYUSD on its application Venmo.

PayPal USD is now available on Venmo for selected users and will be fully rolled out in the coming weeks. Venmo users can buy PYUSD and send it to friends and family on PayPal, Venmo and compatible external wallets,” PayPal wrote.

The release states that people using external wallets as well as merchants accepting PYUSD payments will also be able to receive transfers from Venmo users. The giant’s application has more than 80 million customers in the United States.

At the same time, PayPal has announced that its stablecoin issued on Ethereum had been added to the green list from the New York State Department of Financial Services.

PYUSDwhich remains in low demand, is now offered on a number of crypto exchanges and services, including Kraken, Coinbase and BitPay.

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