PayPal's on-chain stablecoin PYUSD, a secure digital representation of the US dollar, is now available via Venmo。This strategic move aims to make digital transactions faster, cheaper and more efficient。At the same time, it is also an opportunity for the cryptocurrency market to gain more adoption in the United States.。After all, one in four U.S. consumers is using Venmo。

PayPal's PYUSD isn't just limited to PayPal and Venmo, it's integrated into the broader cryptocurrency market。Within a few weeks of its launch, it was in Crypto.Listed on major exchanges such as com, Bitstamp, Coinbase and Kraken。

It is also supported by major cryptocurrency wallets such as MetaMask, Ledger and Phantom, as well as institutional services such as Fireblocks, Copper, Paxos and Fordefi.。Notably, PYUSD received a green light from the New York State Department of Financial Services to simplify the process for licensed virtual currency entities in the state to adopt PYUSD.。

Although PYUSD is still lagging on the list of major stablecoins, its market capitalization continues to grow。Currently, it has a market capitalization of $44 million and daily trading volume of more than $3 million.。If the list of the largest stablecoins is analyzed based on daily turnover, it will rank 12th, surpassing large projects like the Peace Dollar (USDP).。

One of PayPal's notable changes in the cryptocurrency space is that Alex Chriss will succeed Dan Schulman as president and CEO at the end of September.。Chriss is currently Executive Vice President and General Manager of the Small Business and Self-Employed Group at Intuit, a technology company known for its products such as QuickBooks, TurboTax and Mailchimp.。

One of the big advantages of PYUSD is that the public sees PayPal as a reliable, secure, regulatory-compliant entity.。At the same time, the company has also expanded its support for current cryptocurrency payments.。