Transak has announced the listing of PayPal's stablecoin, PayPal USD (PYUSD), on its platform.
Transak users can now buy PYUSD using their preferred local payment methods.
This integration was a strategic move aimed at overcoming the fundamental challenge of broader cryptocurrency adoption – the conversion of traditional currencies to cryptocurrencies. With the introduction of PYUSD, there is potential to push this adoption forward.
“One of the primary challenges facing broader adoption of cryptocurrencies has been the difficulty of converting traditional currencies into crypto assets,” said Sami Start, CEO of Transak. “By listing PYUSD, we are providing a trusted platform for traders, while leveraging PayPal's knowledge and reputation to ease the transition into the world of decentralized finance.”
Transak recently partnered with Cometh to simplify the process of purchasing cryptocurrencies with fiat currencies by eliminating middlemen. This collaboration provided a direct interaction method at the protocol level.
PayPal recently announced that its stablecoin PYUSD will be available and launched on the Solana blockchain.
stability
With PYUSD on the Transak platform, cryptocurrencies can be more quickly and widely accepted and innovative new applications launched. PYUSD acts as a fiat-backed stablecoin, providing stability and a trustworthy entry point into digital assets.
“Integrating PYUSD into Transak is a step towards meeting consumers' evolving needs by providing them with expanded choices when it comes to their finances. Stablecoins and blockchain technology are the future of finance – and this is a great opportunity to deliver this technology securely,” said Nick Ronnett, Head of Asset Growth at Paxos. For users.
Stablecoins are one of the developments that are seriously changing traditional financial systems, despite their distinct advantages and drawbacks.
Paxos issues PYUSD, a stablecoin backed by US dollar deposits, US Treasury bonds, and other cash equivalents. You can buy or sell PYUSD through Paypal and Venmo for a fixed price of $1 per PYUSD.