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.
BVNKCo-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 stablecointhat 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 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.”
This article was written by Tareq Sikder at www.financemagnates.com.
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