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BVNK, a payment infrastructure provider, 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 the BVNK platform, which supports a variety of digital and fiat currencies. Additionally, as an approved member of the $PYUSD ecosystem, BVNK can directly mint and burn $PYUSD tokens for clients, the company said in a 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 payments efficiently. We’re thrilled to introduce $PYUSD to our platform.”
With $PYUSD, BVNK customers can engage in a range of financial transactions, including settling payments and creating $PYUSD wallets. The integration reflects the important role that stablecoins play in the blockchain economy. According to CoinGecko, as of May 16, 2024, $PYUSD’s market capitalization reached $377 million.
Image: FXC Intelligence