World Crypto Global
- Written by: Tareq Sikder
- Thu, 16 May 2024
- Israel
BVNK, a payments infrastructure provider, has declared theintegration of PayPal USD (PYUSD), a stablecoin, into its platform. Theissuance of PYUSD is solely handled by Paxos Trust Company, under theregulatory oversight of the New York Department of Financial Services (NYDFS).Enhancing Payment Options This integration allows businesses to access PYUSD, astablecoin pegged to the US dollar, through BVNK's payments platform. AlongsidePYUSD, users can also engage with 14 other popular digital currencies, leadingstablecoins, and 25 fiat currencies. As an approved participant in the PYUSDecosystem, BVNK possesses the capability to both create and remove PYUSD tokensfor its clientele.BVNKCo-Founder and VP of Commercial Strategy Chris Harmse, said: Were buildingmodern payments infrastructure to enable more businesses to operate acrossbanks and blockchains and maximise financial flexibility. Stablecoins make up almost 90% of the payments we process,and theyre very important to our customers as a way to settle global paymentsefficiently. Were thrilled to introduce PYUSD to our platform. As a stablecointhat connects into PayPals extensive payments network, its a valuable paymentoption for many businesses.PYUSD Conversions to Major Fiat CurrenciesThrough this integration, BVNK customers gain access tovarious functionalities, including creating PYUSD wallets, settling payments tosuppliers, contractors, and employees worldwide, and accepting consumerpayments in PYUSD. Additionally, users can convert PYUSD into fiat currenciessuch as EUR and GBP through BVNK's API, hosted payments page, or merchantportal. It's worth noting that while PYUSD operates within regulatoryframeworks overseen by NYDFS, it is not currently regulated in the UK.Nick Robnett, Head of Asset Growth at Paxos said: PYUSD isbringing greater trust to digital assets. We're seeing growth every day as itsrolled out across the PayPal ecosystem and were delighted to team up withBVNK to give more businesses access to PYUSD, and more options for how theymove their money globally. This article was written by Tareq Sikder at www.financemagnates.com.
