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According to an announcement, the Web3 and crypto firm Transak listed Paypal’s stablecoin, paypal usd (PYUSD), on its platform. This integration allows users to purchase PYUSD using various local payment methods, aiming to simplify the transition to cryptocurrencies.
PYUSD Listed on Transak, Aiming to Ease Defi Transition
Transak, a Web3 payments infrastructure provider, has added PYUSD to its platform. This move Transak detailed aims to address the challenge of converting traditional currencies into crypto assets by leveraging Paypal’s reputation. According to Sami Start, CEO of Transak, the listing of PYUSD offers a trusted gateway for traders entering decentralized finance (defi). The company hopes this will accelerate mainstream cryptocurrency adoption.
PYUSD, issued by Paxos Trust Company, is a fiat-backed stablecoin, fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. It is available for purchase or sale 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).
“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 ,” Nick Robnett, the head of asset growth at Paxos told Bitcoin.com News.
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