Well-known payment processor PayPal just announced the stablecoin PYUSD is now available on its Venmo platform.
PayPal said that initially, just a subset of Venmo customers would have access to this stablecoin, but that everyone would have access “in the coming days.” With the PYUSD stablecoin on Vemno, PayPal is reimagining online money transfers. Feedback on PayPal’s stablecoin from the Web3 community, both positive and negative.
Fast and free, with the exception of blockchain network costs, the business highlighted the ease and convenience of transactions between PayPal and Venmo customers. Since PYUSD is an ERC20 token, transaction fees fluctuate with the price of Ethereum and the volume on the blockchain.
Etherscan.io reports that the price of sending an ERC20 token on September 20, 2023, at 2:00 a.m. (ET) was between $2.65 and $2.91. PayPal said in their statement that PYUSD may be traded on several different exchanges and wallets now.
The clearance of the New York State Department of Financial Services was also emphasized by PayPal. This comes after the initial transparency disclosure about PYUSD showed that the U.S. Treasury backs the pair with reserves consisting of cash and reverse repurchase agreements.
There were around 44.37 million PYUSD in circulation as of September 20th, held across 698 unique addresses that have engaged in 3,354 transactions since the currency’s inception.
There are now 44,358,474.05 PYUSD tokens in circulation, with 99.96% of that number held by the top 100 holders.
Many in the Web3 community are curious about, and some are criticizing, PayPal’s recent plan to join the stablecoin sector.
For instance, PYUSD, a stablecoin owned by one of the biggest regulated payment businesses in the world, has received a lot of backlash on social media due to centralization fears.
In particular, a developer named Pashov who specializes in cryptographic security tweeted about the “asset-protection” feature of the new PayPal USD stablecoin, which may be used to settle the account in two separate transactions.
Also Read: A DNS assault on the front-end website has reached the balancer
