Fintech
BVNK integrates PayPal USD to improve stablecoin adoption
Payment infrastructure provider BVNK, one of the top 10 fintech startups, has integrated the US dollar-pegged stablecoin PayPal USD (PYUSD) into its payments platform, in a move it hopes will mark a significant step forward for mainstream adoption of stablecoins. This occurs if BVNK has undertaken a global expansion.
Now, businesses can access the US dollar-pegged PYUSD stablecoin on the BVNK platform, which now sits alongside 14 popular digital currencies, major stablecoins, and 25 fiat currencies.
An approved member of the PYUSD ecosystem, BVNK has direct access to creating and burning PYUSD tokens for customers.
BVNK: Promoting the growth of stablecoins
With this new integration, BVNK customers can create PYUSD wallets and settle vendors as they pay contractors and employees globally, as well as accept consumer payments in PYUSD.
This all happens via BVNK’s API, hosted payments page, and/or merchant portal. Customers can also settle PYUSD into fiat currencies such as EUR or GBP.
By integrating PYUSD, BVNK essentially enters into a partnership with Paxos Trust Company, the only issuer of PYUSD that is overseen by the New York Department of Financial Services (NYDFS).
An ER-20 token that operates on the Ethereum blockchain, PYUSD has already reached a market capitalization of $320 million despite only launching in 2023.
Nick Robnett, head of asset growth at Paxos, says: “As a dollar-pegged stablecoin issued by the Paxos Trust Company, overseen by the New York Department of Financial Services, PYUSD is bringing greater confidence to digital assets.
“Every day we see growth as it is rolled out across the PayPal ecosystem, and we are excited to partner with BVNK to give more businesses access to PYUSD and more options for how to move their money globally.”