Transak lists PayPal's stablecoin PYUSD

Monday 24 June 2024 16:21 CET | News

US-based Web3 onboarding infrastructure provider Transak has listed PayPal USD (PYUSD) to increase its availability across Web3.


Transak has added PayPal's stablecoin, PayPal USD (PYUSD), allowing users to purchase PYUSD with their preferred local payment methods.

Transak has listed PayPal USD (PYUSD) to increase its availability across Web3.

The increased accessibility of PYUSD through Transak's platform seeks to accelerate mainstream adoption of cryptocurrencies and create exciting new use cases. As a fiat-backed stablecoin, PYUSD provides stability and a reliable gateway into.

Officials from Transak said that one of the core challenges for wider crypto adoption has been the difficulty of converting traditional currencies into crypto assets. By listing PYUSD, they're providing a trusted on-ramp for traders, leveraging the familiarity and reputation of PayPal to ease the transition into the world of decentralised finance.

PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose trust company. Paxos and its products – including expansion to new blockchains – are subject to regulatory oversight by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by US dollar deposits, US Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of USD 1.00 per PayPal USD.

Representatives from Paxos said the integration of PYUSD on Transak is a step towards meeting evolving consumer needs by providing them with expanded choices when it comes to their finances. Stablecoins and blockchain technology are the future of finance – and this is a great opportunity to safely introduce this technology to users.

What does Transak do?

Transak is one of the world's most compliant and largest Web3 payments infrastructure provider, serving over 5 million users across 160 countries. It powers 350+ platforms, facilitating the purchase and sale of digital assets with its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that simplify KYC, compliance, payment methods, and customer support.

Headquartered in Miami, US, and incorporated in Delaware, Transak has a tech hub in Bengaluru and offices in London, Milan, Dubai, and Hong Kong.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: stablecoin, web3, digital assets, local payment method
Categories: DeFi & Crypto & Web3
Companies: PayPal, Transak
Countries: World
This article is part of category

DeFi & Crypto & Web3




Discover all the Company news on PayPal and other articles related to PayPal in The Paypers News, Reports, and insights on the payments and fintech industry: