PayPal’s stablecoin, PYUSD, is now available on Venmo.
The company announced the rollout in a blog post on Wednesday, Sept. 20. However, not all users will be able to purchase or send PYUSD to their friends or family, as only select users were picked this time around. PayPal did note that it will fully roll it out in the “coming weeks.”
“Individuals using compatible external wallets, and merchants accepting payments in PYUSD, will also be able to receive transfers from Venmo users. Blockchain network fees apply,” the blog post said.
Read more: PayPal’s new stablecoin stirs centralization criticism
The move comes after the company’s stablecoin was added to the New York State’s Department of Financial Services greenlist. Earlier this week, the NYDFS shuffled the list, removing tokens such as XRP and Doge.
Read more: The PayPal stablecoin is bigger news than any bitcoin ETF
Outside of Venmo, PYUSD is available on MetaMask, Kraken, Coinbase, Crypto.com, and Fireblocks, among others — including other crypto exchanges, wallets and custodians.
PayPal announced the stablecoin in early August. The dollar-backed stablecoin is issued by Paxos Trust. PYUSD is a blockchain-based digital asset issued on Ethereum as an ERC-20 token.
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,” said Dan Schulman, PayPal’s president and CEO, at the time.
Paxos is expected to publish a monthly Reserve Report on the stablecoin, and an attestation of the “value of PayPal USD reserve assets.”
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