For years, early crypto and blockchain evangelists touted the benefits of blockchain as a way toward increased transparency, accessibility and efficiency within the financial system. But for the most part, these claims were somewhat idealistic as adoption of blockchain was powered by traditional crypto and DeFi use cases versus creating meaningful impact and utility within the financial system. 

Last month the industry took a significant step toward global interoperability. PayPal launched PayPal USD (“PYUSD”), a stablecoin designed for payments, backed by secure and highly liquid assets and issued by Paxos. The launch represented a seminal moment in finance as PayPal became the first major global enterprise to bridge the traditional financial system to stablecoins and the future of money movement by offering a regulated, digital dollar.

Since launch, PYUSD has been listed on some of the top global exchanges and continues to grow in market cap. PYUSD is also now available on PayPal’s Venmo application where users can buy, sell, send and receive PYUSD. Not only does this showcase PayPal’s continued investment in growing PYUSD, but the availability of PYUSD on Venmo makes it possible for users on PayPal and Venmo to send digital dollars between the two applications. 

This update showcases another powerful way blockchain can create connections and efficiency between financial infrastructure. The result is a more connected and more useful experience for end users.

Unlocking real benefits of blockchain within financial infrastructure

Blockchain, as a way to create connections and efficiency between financial infrastructure, is directly aligned with our mission at Paxos. Every day, we help enterprises build for the future of finance by empowering them to use our platform to: 

• Build their customized, regulated blockchain solution including the ability to offer buy, sell, hold, send and receive capabilities to investors and end users;
• Access a regulated, secure, enterprise-grade and scalable blockchain platform built to protect customers; and
• Leverage expertise from the Paxos solutions and engineering teams who have built and launched solutions for a range of companies, from large global enterprises to innovative fintech firms.

The launch of PYUSD on Venmo showcases how stablecoin technology can deliver on the promises of blockchain and create meaningful impact within financial infrastructure.