cryptobriefing.com
BVNK, a payment infrastructure provider, has announced the integration of the PayPal USD ($PYUSD) stablecoin, issued by Paxos Trust Company, into its payment system. This move allows businesses to access $PYUSD on BVNK’s platform, which supports a variety of digital and fiat currencies.
In addition, as an approved member of the $PYUSD ecosystem, BVNK can directly create (mint) and remove (burn) $PYUSD tokens for customers, the company shared in the press release.
Chris Harmse, BVNK co-founder and VP of Commercial Strategy, stated:
“We’re building modern payment infrastructure to enable more businesses to operate across banks and blockchains and maximize financial flexibility. Stablecoins make up almost 90% of the payment we process, and they’re very important to our customers as a way to settle global payment efficiently. We’re thrilled to introduce $PYUSD to our platform,” Harmse stated.
Nick Robnett, Head of Asset Growth at Paxos, also commented on the integration, highlighting the trust and growth $PYUSD brings to digital assets.
“As a dollar-pegged stablecoin that is issued by Paxos Trust Company, which is overseen by New York Department of Financial Services, $PYUSD is bringing greater trust to digital assets. We’re seeing growth every day as it’s rolled out across the PayPal ecosystem – and we’re delighted to team up with BVNK to give more businesses access to $PYUSD, and more options for how they move their money globally,” Robnett noted.
With $PYUSD, BVNK customers can engage in a range of financial activities, including settling payments and creating $PYUSD wallets. The integration reflects the significant role stablecoins play in the blockchain economy.
As of May 16, 2024, $PYUSD’s market cap reached $377 million, according to data from CoinGecko.