Today, PayPal USD (PYUSD), PayPal’s on-chain, regulated, dollar-denominated stablecoin is available on Venmo. It is 100% backed by U.S. dollar deposits, short-term U.S Treasuries, and similar cash equivalents.

Six weeks ago, PayPal launched PYUSD with the mission to provide the market with a stable form of digital value, connecting fiat dollars to the web3 ecosystem, reducing friction from everyday payments and improving speed and lowering costs.

PayPal USD is now available to select Venmo users and will be rolling out fully in the coming weeks. Venmo users can purchase PYUSD and send it to friends and family on PayPal, Venmo, and compatible external wallets. Transfers between PayPal and Venmo users are fast and free.

Individuals using compatible external wallets and merchants accepting payments in PYUSD can receive transfers from Venmo users. Blockchain network fees apply.

PYUSD is already present in native crypto experiences and is becoming more broadly available as the ecosystem grows. It is present on select exchanges like Crypto.com, Bitstamp, Coinbase, and Kraken; leading wallets like MetaMask, Ledger and Phantom; custodians and institutional service providers like Fireblocks, Copper, Paxos and Fordefi; crypto payment service providers like Bitpay; and is supported by some of the most widely used decentralized applications.

In addition, the New York State Department of Financial Services has greenlisted PYUSD, making it easier for virtual currency entities licensed in New York to support it.

PayPal remains committed to the mission behind PYUSD: deploying a safe, regulated stablecoin at scale both for the web3 ecosystem and for everyday payments. Updates will be provided in the future.