FV Bank has announced the integration of PayPal USD (PYUSD) for direct deposits and outgoing payments. Alongside Tether (USDT) and USD Coin (USDC), the U.S.-licensed digital bank now allows its account holders to receive stablecoin directly into their USD accounts, with real-time automatic conversion into dollars.
PYUSD: FV Bank of the USA also integrates PayPal’s stablecoin into its services
FV Bank, a digital bank licensed in the United States, has announced that it has integrated PayPal’s stablecoin, PYUSD, for direct deposits and outgoing payments.
https://twitter.com/fvbankus/status/1877433994054115693
In practice, now the account holders of FV Bank will be able to receive PYUSD directly into their USD accounts, with real-time automatic conversion into USD.
The same thing applies to outgoing payments, account holders will be able to send PYUSD to recipients without the need to personally mint the stablecoin or manage an external digital wallet.
PYUSD and the integration in FV Bank authorized in the USA
As of today, FV Bank is the only bank authorized in the United States to offer the trio of deposit options in stablecoin USDC, USDT, and PYUSD to facilitate cross-border payments and remittances.
All this was made possible primarily thanks to the real-time processing capabilities of FV Bank.
Clients can initiate their payments in stablecoin directly from their USD accounts, where FV Bank automatically debits USD, mints PYUSD (or USDT and USDC) on demand, and delivers them almost instantly to the beneficiary.
The new solution is dedicated to global clients, and reduces processing times and fees associated with traditional bank transfers.
In this regard, Miles Paschini, CEO of FV Bank, commented:
“The integration of deposits and payments in PYUSD, along with the automatic conversion to and from USD, is another key achievement of our commitment to providing the most comprehensive integrated banking service for our global customers. This additional deposit and payment option positions FV Bank as one of the only regulated banking institutions in the United States to offer payment circuits powered by blockchain, as well as extensive on-ramp and off-ramp stablecoin services.”
Last September 2021, FV Bank had integrated Circle’s USDC stablecoin and in December 2024 Tether’s USDT.
The function of direct deposit from stablecoin to USD provides that customers can receive USDC (ERC20), USDT (ERC20), and now PYUSD (ERC20 and Solana) into their FV Bank account as US dollars.
The collaboration with Xoom
Last November, PayPal launched its initiative with Xoom to increase the use of PYUSD in cross-border payments.
The idea is to extend the adoption of the stablecoin in Asia and Africa, improving the efficiency of global transactions.
This strategic move involves Xoom, Cebuana Lhuillier, and Yellow Card as main partners to manage the disbursement of payments in PYUSD, opening new possibilities for customers in emerging markets.
