FV Bank integrates PYUSD into its stablecoin offering

At the time of writing, the capability was live for all FV Bank account holders, allowing them to directly receive PYUSD into their USD accounts and benefit from real-time conversion to USD. Additionally, account holders are set to be able to send outbound payments to beneficiaries in PYUSD without being required to mint the stablecoin themselves or manage external digital wallets.

This announcement comes just a month after FV Bank integrated support for direct USDT stablecoin deposits, with the feature enabling customers to receive USDT, automatically converted to USD, directly into their FV Bank account in real time. The move intended to optimise cross-border financial transactions by offering a simplified conversion from USDT to USD, minimising the reliance on traditional wire transfers and associated fees. In addition, the capability focused on catering to both high-volume and smaller-scale international transfers, improving global customers’ ability to manage digital and fiat assets.

FV Bank’s expanded stablecoin offering

With PYUSD, FV Bank customers can benefit from a liquid and efficient stablecoin service for their direct deposit and instant payment demands, allowing them to convert PYUSD to USD, and vice versa, and minimise processing times and costs of traditional bank wires. The newly added solution offers customers another option when choosing to transact via their FV Bank USD account. Additionally, the capability is integrated with blockchain analytics tools to pre-screen and detect transactions that could be linked to sanctions or AML activities, in turn ensuring compliance with regulatory requirements.

Furthermore, FV Bank underlined its commitment to entering collaborations with stablecoin providers to further their integration into the existing financial landscape, centring its efforts on ensuring full accessibility through wallets, exchanges, and payment networks. Commenting on the announcement, representatives from FV Bank highlighted that the deposit and payment option solidifies the financial institution’s position as one of the regulated banking organisations in the US to provide blockchain-enabled payment rails and stablecoin on-ramp and off-ramp services.