How Venmo's Stablecoin Integration Can Grow the Bitcoin Economy

[Joshua Farrell]

Last week, PayPal, alongside their infrastructure partner Paxos, announced an integration of their PYUSD stablecoin product with Venmo, one of the largest mobile financial applications on the market. With over 78 million users, Venmo is currently one of the largest platforms for purchasing, selling, and transacting bitcoin. As the extended digital asset realm continues to evolve alongside the Bitcoin network, a significant market share of this expansion has continued to pour into dollar trading pairs. A large percentage of volume in the Bitcoin market has trended specifically towards these dollar instruments known as stablecoins, currently dominated by USDT and USDC.

As large, long-running financial institutions such as PayPal make waves into the stablecoin market with products like PYUSD, and with the integration of popular applications such as Venmo, the dollar's influence on bitcoin, both from a competitive utility standpoint, as well as a market cap perspective, continues to grow.

I sat down with Walter Hessert, Head of Strategy at Paxos, to discuss the impacts of their expansion into the stablecoin market on Bitcoin, and where he sees the market developing over the next few years.

A transcript of the conversation, lightly edited for length and clarity, follows below.

Read the rest of the article: https://bitcoinmagazine.com/markets/how-venmos-stablecoin-integration-can-grow-the-bitcoin-economy

Interesting interview done at the above linked to article. Anyone else potentially hyped about PayPal entering the market with their own coin?

 

[Suba]

Personally, I think that since PYUSD was launched on Venmo, this move is already a sign of a very significant integration of the famous payment platform with cryptocurrency. PYUSD also offers free transactions for sending PYSUD from PayPal to Venmo or vice versa. But a transaction fee will be charged if sent to another wallet such as Kraken or Coinbase.

PYUSD has also received support from the New York State Department of Financial Services, so PYUSD has the potential to become one of the big players in the crypto world. This integration also makes it possible to expand the use of cryptocurrencies (Btc and Altcoin) for everyday transactions.