BVNK integrates PayPal’s stablecoin PYUSD
Payments platform BVNK has announced the integration of PayPal’s stablecoin, PYUSD, into its system. The move is seen as a significant step towards enhancing global payment efficiency.
BVNK now offers businesses a new way to settle global payments through the US dollar-pegged PYUSD stablecoin.
Stablecoins: A Dominant Force in Payments Processing
Stablecoins, digital currencies pegged to a stable asset, account for almost 90% of the payments processed by BVNK. The integration of PYUSD, a stablecoin tied to PayPal’s extensive payments network, is expected to provide a valuable payment option for many businesses. As of now, there are $300 million worth of PayPal USD in circulation, contributing to the total stablecoin market cap of around $160 billion.
Increasing Adoption of Stablecoins
With the number of active stablecoin users increasing, reaching 27.5 million unique users and 47 million active stablecoin wallet addresses in April, the addition of PYUSD to BVNK’s platform is timely. Businesses can now access the US dollar-pegged PYUSD stablecoin on its payments platform, alongside 14 popular digital currencies, stablecoins, and 25 fiat currencies.
Expanding PYUSD’s Reach
BVNK customers can now create PYUSD wallets, settle suppliers, pay contractors and employees around the world, and accept consumer payments in PYUSD. This can be done through BVNK’s API, hosted payments page, or merchant portal. Furthermore, customers can also settle PYUSD into fiat currencies like EUR and GBP.
Impressive Growth of PYUSD
Despite only launching in August 2023, PYUSD has seen impressive growth. In its first six weeks, 11 million people traded PYUSD, and by April 2024, it reached a market cap of $320 million.
BVNK’s EMI License in Europe and the UK
Earlier this year, BVNK activated its Electronic Money Institution (EMI) license in Europe following the successful acquisition and operationalization of System Pay Services (Malta) Limited, its EU EMI entity based in Malta. This, along with its UK EMI license, allows BVNK to offer improved B2B payment services in EUR and GBP, facilitating more efficient and supportive customer interactions.
Conclusion
The integration of PayPal’s stablecoin PYUSD into BVNK’s platform marks a significant step towards enhancing global payment efficiency. With the increasing adoption of stablecoins, businesses now have a new way to settle global payments. As BVNK continues to innovate and expand its services, it is poised to play a crucial role in the evolving digital payments landscape.
