BVNK integrates PayPal USD stablecoin into payments platform

Friday 17 May 2024 09:58 CET | News

BVNK, a UK-based payments infrastructure provider, has integrated the stablecoin PayPal USD (PYUSD) into its platform.


PYUSD is issued solely by Paxos Trust Company, which is regulated by the New York Department of Financial Services (NYDFS). Businesses using BVNK’s payments platform can now access PYUSD, which is pegged to the US dollar, alongside 14 other digital currencies, leading stablecoins, and 25 fiat currencies. As a member of the PYUSD ecosystem, BVNK can mint and burn PYUSD tokens for its customers. 

BVNK’s platform allows customers to create PYUSD wallets, settle payments to suppliers, pay contractors and employees globally, and accept consumer payments in PYUSD. These functions are accessible through BVNK’s API, hosted payments page, or merchant portal. Additionally, it's worth noting that PYUSD can be converted into fiat currencies such as EUR and GBP.


BVNK, a UK-based payments infrastructure provider, has integrated the stablecoin PayPal USD (PYUSD) into its platform.


The trajectory of stablecoins 

According to the BVNK press release, stablecoins, which are pegged to stable assets such as the US dollar, have seen significant growth. In 2023, over 7 trillion dollars in stablecoins were settled on blockchains, with nearly 70% of blockchain transactions involving stablecoins. By April 2024, the stablecoin market cap reached USD 160 billion, and PYUSD achieved a market cap of USD 320 million within eight months of its launch in August 2023. 

PYUSD, an ERC-20 token on the Ethereum blockchain, is backed by US dollar deposits, short-term US treasuries, and similar cash equivalents. It can be redeemed 1:1 for US dollars. However, it is crucial to recognise that stablecoins carry counterparty risk, and their value is not guaranteed, which may result in asset unavailability during insolvency events.

Other developments from BVNK 

In February 2024, BVNK went live in Europe after receiving its local EMI licence. At the time, the company held 8 licences and regulatory approvals globally across fiat payments and digital assets.

In 2023, it also took live its UK EMI. With both licences operational, the provider offered enhanced payment services for EUR and GBP. As a licenced electronic money institution in the UK and Europe, BVNK provides named vIBANs for EUR and GBP, and access to UK and Europe’s payment schemes including Sepa, Sepa Instant, and Faster Payments, so merchants can send and receive payments to suppliers and partners. While the firm has previously worked with partners to deliver these services, as an EMI, they gained the ability to manage them directly.

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Keywords: stablecoin, payments , product upgrade, cryptocurrency
Categories: Payments & Commerce
Companies: BVNK
Countries: United Kingdom, United States
This article is part of category

Payments & Commerce


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