Transak has announced the listing of PayPal’s stablecoin, PayPal USD (PYUSD), on its platform.
Transak users can now purchase PYUSD using their preferred local payment methods.
This integration was a strategic move aiming to overcome the core challenge of wider crypto adoption — the conversion of traditional currencies to crypto. With the introduction of PYUSD, there is potential to drive this adoption forward.
“One of the core challenges for wider crypto adoption has been the difficulty of converting traditional currencies into crypto assets,” said Sami Start, CEO of Transak. “By listing PYUSD, we’re providing a trusted on-ramp for traders, leveraging the familiarity and reputation of PayPal to ease the transition into the world of decentralized finance.”
Transak recently partnered with Cometh to simplify buying crypto with fiat by eliminating intermediaries. This collaboration offered a direct protocol-level interaction method.
PayPal recently announced that its PYUSD stablecoin would be available and launched on the Solana blockchain.
Stability
With PYUSD on Transak’s platform, crypto can be more quickly and widely accepted and spark innovative new applications. Functioning as a stablecoin backed by fiat currency, PYUSD offers stability and a trustworthy entry point into digital assets.
“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,” said Nick Robnett, Head of Asset Growth at Paxos.
Stablecoins are one of the advancements that are bringing serious changes in conventional financial systems, despite their distinct advantages and obstacles.
Paxos issues PYUSD, a stablecoin backed by U.S. dollar deposits, U.S. Treasuries, and other cash equivalents. You can purchase or sell PYUSD through Paypal and Venmo at a fixed rate of $1 per PYUSD.