Transak to integrate PayPal’s stablecoin on platform

Transak announced that PayPal’s stablecoin, PayPal USD (PYUSD), has been listed on its platform.

Transak users will now be able to purchase PYUSD using their preferred local payment methods.

This integration was a strategic move aimed at overcoming the main challenge in wider adoption of cryptocurrency – the conversion of traditional currencies to crypto. There is potential to drive this adoption forward with the launch of PYUSD.

“One of the main challenges to wider adoption of cryptocurrency has been the difficulty of converting traditional currencies into crypto assets,” said Sami Start, CEO of Transak. “By listing PYUSD, we provide a reliable bullish spot for investors and leverage PayPal’s familiarity and reputation to ease the transition into the world of decentralized finance.”

Transak recently partnered with Cometh to make it easier to buy crypto with fiat by eliminating middlemen. This collaboration offered a method of interaction directly at the protocol level.

PayPal recently announced that its PYUSD stablecoin will be available and launched on the Solana blockchain.

stability

With PYUSD on Transak’s platform, crypto can become more quickly and widely accepted, leading to innovative new applications. Functioning as a stablecoin backed by fiat currency, PYUSD offers stability and a reliable entry point into digital assets.

“The integration of PYUSD into Transak is a step towards meeting changing consumer needs by providing them with broader options in financial matters. Stablecoins and blockchain technology are the future of finance, and this is a great opportunity to securely introduce this technology to users,” said Paxos Asset Nick Robnett, Head of Growth.

Stablecoins are one of the developments that bring serious changes to traditional financial systems, despite their different advantages and obstacles.

Paxos issues PYUSD, a stablecoin backed by U.S. dollar deposits, U.S. Treasury securities, and other cash equivalents. You can buy or sell PYUSD through Paypal and Venmo at a fixed rate of $1 per PYUSD.