Transak, a leading provider in Web3 payments infrastructure, has announced the listing of PayPal’s stablecoin, PayPal USD (PYUSD).
Transak customers can now buy PYUSD using the local payment methods of their choice. The conversion of traditional currencies to cryptocurrency is the main obstacle to the broader acceptance of cryptocurrencies, and its integration was a calculated strategic step to address it. PYUSD’s debut has the potential to accelerate this acceptance.
“One of the core challenges for wider crypto adoption has been the difficulty of converting traditional currencies into crypto assets,” said Sami Start, CEO of Transak.
“By listing PYUSD, we’re providing a trusted on-ramp for traders, leveraging the familiarity and reputation of PayPal to ease the transition into decentralized finance.”
Transak and Cometh recently teamed up to remove middlemen and streamline purchasing cryptocurrency with fiat. This partnership provided a mechanism of direct protocol-level contact.
PayPal recently declared that the Solana blockchain will host the debut and availability of its PYUSD stablecoin. PYUSD on Transak’s platform will enable cryptocurrency to gain traction faster, gain broader acceptance, and inspire creative new uses. As a fiat currency-backed stablecoin, PYUSD provides stability and a reliable gateway to digital assets.
“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,” said Nick Robnett, Head of Asset Growth at Paxos.
Despite their unique benefits and drawbacks, stablecoins are among the innovations fundamentally altering traditional financial institutions. A stablecoin called PYUSD is released by Paxos and is backed by US Treasuries, US dollar deposits, and other monetary equivalents. Paypal and Venmo provide PYUSD for sale or buy at a set price of $1 per PYUSD.
