BVNK, a payments infrastructure provider, has declared the integration of PayPal USD (PYUSD), a stablecoin, into its platform. The issuance of PYUSD is solely handled by Paxos Trust Company, under the regulatory oversight of the New York Department of Financial Services (NYDFS).

Enhancing Payment Options

This integration allows businesses to access PYUSD, a stablecoin pegged to the US dollar, through BVNK's payments platform. Alongside PYUSD, users can also engage with 14 other popular digital currencies, leading stablecoins, and 25 fiat currencies. As an approved participant in the PYUSD ecosystem, BVNK possesses the capability to both create and remove PYUSD tokens for its clientele.

BVNK Co-Founder and VP of 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 Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term that connects into PayPal’s extensive payments network, it’s a valuable payment option for many businesses.”

PYUSD Conversions to Major Fiat Currencies

Through this integration, BVNK customers gain access to various functionalities, including creating PYUSD wallets, settling payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to suppliers, contractors, and employees worldwide, and accepting consumer payments in PYUSD.

Additionally, users can convert PYUSD into fiat currencies such as EUR and GBP through BVNK's API, hosted payments page, or merchant portal. It's worth noting that while PYUSD operates within regulatory frameworks overseen by NYDFS, it is not currently regulated in the UK.

Nick Robnett, Head of Asset Growth at Paxos said: “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.”