Transak, a Web3 payments infrastructure provider, has announced the listing of PayPal’s stablecoin, PayPal USD (PYUSD), on its platform. This integration allows users to purchase PYUSD using various local payment methods, streamlining the process of transitioning from traditional currencies to cryptocurrencies.
Enhancing Accessibility to Decentralized Finance
According to Transak, this move addresses the challenge of converting traditional currencies into crypto assets by leveraging PayPal’s trusted reputation. Sami Start, CEO of Transak, explained that listing PYUSD offers a reliable gateway for traders entering decentralized finance (DeFi). The company believes this will accelerate the mainstream adoption of cryptocurrencies.
Also Read: PayPal’s PYUSD Now Available on Solana Blockchain
PYUSD, issued by Paxos Trust Company, is a fiat-backed stablecoin, fully supported by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. It can be bought or sold through PayPal and Venmo at a fixed rate of $1 per PYUSD. Paxos’ products, including PYUSD, are regulated by the New York State Department of Financial Services (NYDFS).
Meeting Evolving Consumer Needs
Nick Robnett, the head of asset growth at Paxos, emphasized the importance of this integration. “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,” he told Bitcoin.com News.
