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Send and receive PayPal USD payments with BVNK

We’re excited to announce that we’ve added PayPal’s dollar-pegged stablecoin PYUSD to our payments platform.

Vizma Bramane
May 24, 2024
min read

BVNK customers can now access PayPal’s stablecoin PYUSD on our platform, alongside all the leading stablecoins, 10 of the most popular digital currencies and 15 fiat currencies.

PYUSD is issued by Paxos Trust Company and overseen in part by the New York State Department of Financial Services (NYDFS) for issuance and capital requirement purposes. For more information on what this means and the risks still present, see here. Please note PYUSD is not regulated in the UK.

As a stablecoin that connects to PayPal’s global network, PYUSD is a useful payment option for businesses. BVNK is an approved member of the PYUSD ecosystem, meaning we can create (mint) and remove (burn) PYUSD tokens directly for our customers.

With this new integration, you can create PYUSD wallets to hold funds, pay your suppliers, contractors and employees around the world, and accept consumer payments in PYUSD – through BVNK’s API, hosted payments page, or merchant portal. You can also settle PYUSD into fiat currencies like EUR and GBP.

Stablecoins are one of the fastest growing crypto assets. They’re less than a decade old, but more than 7 trillion dollars of stablecoins were settled on blockchains in 2023. Monthly active stablecoin users are on the rise, reaching 27.5 million unique users in April, and 47 million active wallets (50% up on January). Today stablecoins account for nearly 70% of transactions on the blockchain, eclipsing more established digital currencies like bitcoin. At the end of April, the total market cap of stablecoins reached $160bn after eight consecutive months of growth – the highest market capitalisation for stablecoins since September 2022.

PYUSD is an ERC-20 token operating on the Ethereum blockchain. Despite only launching in August 2023, 11 million people traded PYUSD in its first six weeks. In April 2024, it reached a market cap of $320 million.

PYUSD represents a new breed of stablecoin. Issued by Paxos Trust Company, which is overseen by the New York State Department of Financial Services (NYDFS), PYUSD is fully backed by US dollar deposits, short-term US treasuries and similar cash equivalents, and can be redeemed 1:1 for US dollars. 

It is important to understand that stablecoins create an exposure to counterparty risk, which may mean assets become unavailable during an insolvency event, and stablecoin value is not guaranteed. Take a few moments to learn more about stablecoin risks, here.

Log in to create your PYUSD wallet. New to BVNK? Create an account today.

Financial Promotion approved by: Archax Limited. Date: 03/04/2024


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