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BVNK has announced that it has integrated the stablecoin PayPal USD (PYUSD). Paxos Trust Company is the sole issuer of PYUSD.

Businesses can access the US dollar-pegged PYUSD stablecoin on BVNK’s payments platform, alongside 14 of the most popular digital currencies, leading stablecoins and 25 fiat currencies. As an approved member of the PYUSD ecosystem, BVNK has direct access to create (mint) and remove (burn) PYUSD tokens for customers.

BVNK co-founder and VP Commercial Strategy Chris Harmse, said: “We’re building modern payments infrastructure to enable more businesses to operate across banks and blockchains and maximise financial flexibility. Stablecoins make up almost 90% of the payments we process, and they’re very important to our customers as a way to settle global payments efficiently. We’re thrilled to introduce PYUSD to our platform. As a stablecoin that connects into PayPal’s extensive payments network, it’s a valuable payment option for many businesses.”

A step forward for mainstream adoption of stablecoins?

Nick Robnett, Head of Asset Growth at Paxos, added: “As a dollar-pegged stablecoin that is issued by Paxos Trust Company, which is overseen by New York Department of Financial Services, PYUSD is bringing greater trust to digital assets. We’re seeing growth every day as it’s rolled out across the PayPal ecosystem and we’re delighted to team up with BVNK to give more businesses access to PYUSD, and more options for how they move their money globally.” 

With this new integration, BVNK customers can create PYUSD wallets, settle suppliers, pay contractors and employees around the world and accept consumer payments in PYUSD, through BVNK’s API, hosted payments page, or merchant portal. They can also settle PYUSD into fiat currencies like EUR and GBP.

Issued by Paxos Trust Company, which is overseen by the New York State Department of Financial Services (NYDFS), PYUSD is fully backed by US dollar deposits, short-term US treasuries and similar cash equivalents, and can be redeemed 1:1 for US dollars. 

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