Transak, the Web3 payments infrastructure provider, has announced the integration of PayPal’s stablecoin, PayPal USD (PYUSD), into its platform.
Sami Start, CEO of Transak, highlighted the significance of this integration in overcoming one of the major hurdles in cryptocurrency adoption: the seamless conversion of traditional currencies into digital assets.
"One of the core challenges for wider crypto adoption has been the difficulty of converting traditional currencies into crypto assets. By listing PYUSD, we're providing a trusted on-ramp for traders, leveraging the familiarity and reputation of PayPal to ease the transition into the world of decentralized finance," said Sami Start.
📣 @Transak makes @PayPal USD (PYUSD) available across #Web3 🚀
🌎 Millions of DeFi users can now effortlessly access #PYUSD through over 350+ Transak-integrated apps in just a few simple steps. 💳✨@PayPal USD, issued by @Paxos Trust Company, is one of the most trusted… pic.twitter.com/Eh6Ficyo3n— Transak (@Transak) June 18, 2024
Boosting Mainstream Crypto Adoption
Transak’s integration of PYUSD aims to accelerate mainstream cryptocurrency adoption and unlock new use cases. As a fiat-backed stablecoin, PYUSD offers stability and serves as a reliable entry point into the crypto world.
Nick Robnett, Head of Asset Growth at Paxos, emphasized the potential of this move:
"The integration of PYUSD on Transak is a step towards meeting evolving consumer needs by providing them with expanded choices when it comes to their finances. Stablecoins and blockchain technology are the future of finance – and this is a great opportunity to safely introduce this technology to users."
Nick Robnett, Head of Asset Growth at Paxos
Issued by Paxos Trust Company, PayPal USD is backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents, ensuring full reserve backing. Paxos operates under regulatory oversight from the New York State Department of Financial Services. PayPal USD can be traded through PayPal and Venmo at a stable rate of $1.00 per PYUSD.
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This integration marks a significant step towards a more integrated digital economy, where users have greater control over their digital assets. Transak continues to innovate and provide robust solutions that facilitate the seamless transition between fiat and cryptocurrencies.
About Transak
Transak is a leading Web3 payments infrastructure provider, serving over 5 million users in 160 countries. The company powers more than 350 platforms, enabling the purchase and sale of digital assets through its API-driven fiat-crypto on/off-ramp, NFT checkout, and other solutions that streamline KYC, compliance, payment methods, and customer support. Headquartered in Miami, with a tech hub in Bengaluru and offices in London, Milan, Dubai, and Hong Kong, Transak is dedicated to making cryptocurrency accessible to everyone. For more information, visit transak.com.
