TechFlow news — On September 21, according to The Block, PayPal's payment platform Venmo will soon offer PayPal's dollar-pegged stablecoin PYUSD. In a press release, PayPal stated that PYUSD will be available "in the coming weeks." Users will be able to purchase and send PYUSD via PayPal, Venmo, or compatible external wallets.
Venmo, a subsidiary of PayPal, began offering cryptocurrency purchases in 2021. On August 7, PayPal launched PYUSD in partnership with crypto infrastructure firm Paxos. The stablecoin is fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. Since then, PayPal has added services allowing users to convert cryptocurrencies into U.S. dollars, which became available starting September 11.
