PayPal-operated peer-to-peer mobile payments platform Venmo has announced that it is now offering the PayPal USD stablecoin (PYUSD) to selected users, with a full rollout planned in the coming weeks. The launch allows Venmo users to purchase the stablecoin and send it via PayPal, Venmo, and other compatible external wallets. PYUSD is an Ethereum-based stablecoin that is backed by U.S. dollar deposits and other liquid equivalents such as short-term treasuries. It was launched by PayPal in August and is issued by Paxos Trust. NYDFS has given approval for virtual currency entities licensed in New York to use PYUSD. This marks the first time that users can transfer a stablecoin between PayPal and Venmo at no cost, although fees will apply for transfers to external wallets and merchants accepting PYUSD.
PYUSD Adoption Seems Sluggish
According to a transparency report published by Paxos, the issuer of PYUSD, the stablecoin has not gained widespread adoption despite its promise to promote global payments. As of August 31, 2023, PYUSD had a total net asset value of $45.3 million, with approximately $1.5 million backed by cash deposits and the majority of reserves, $43.8 million, collateralized through US Treasury reverse repurchase agreements. Comparatively, Tether, the oldest stablecoin, has a market capitalization exceeding $83 billion with a 24-hour trading volume surpassing $20 billion. At present, PYUSD ranks 19th among stablecoins in terms of market capitalization. Possible reasons for the slow adoption of PYUSD could include increased competition among stablecoins and potential regulatory setbacks.
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In conclusion, PayPal’s stablecoin PYUSD being made available on Venmo to select users is an important development in the world of cryptocurrencies. However, the adoption of PYUSD seems to be sluggish compared to other stablecoins. This article provides a comprehensive overview of the topic, including information about the launch, the current state of adoption, and relevant press releases and news updates.