PayPal's Venmo wallet will launch PYUSD

ChainCatcher news, payment giant PayPal's social payment platform Venmo will launch the PayPal USD stablecoin PYUSD. PayPal stated in a press release that its ERC-20 stablecoin will be available for purchase in "the coming weeks," and users will be able to buy PYUSD through PayPal, Venmo, or compatible external wallets and send it to others.

Previous news, PYUSD is issued by Paxos and is backed by USD deposits, short-term government bonds, and similar cash equivalents. Currently, Coinbase has launched the PayPal USD stablecoin PYUSD.