Transak, a leading force in Web3 payments infrastructure, has taken a significant step towards mainstream crypto adoption by listing PayPal USD (PYUSD). This integration allows Transak users to buy PYUSD using their preferred local payment methods, making the transition into decentralized finance smoother and more accessible.
Sami Start, CEO of Transak, highlighted the importance of this move: “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.”
The increased accessibility of PYUSD through Transak’s platform aims to accelerate the mainstream adoption of cryptocurrencies and foster new use cases. As a fiat-backed stablecoin, PYUSD offers stability and a reliable gateway into the crypto world.
Nick Robnett, Head of Asset Growth at Paxos, emphasized the consumer benefits: “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.”
PayPal USD is issued by Paxos Trust Company, a fully chartered limited-purpose trust company regulated by the New York State Department of Financial Services. PYUSD is fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. Users can buy or sell PYUSD through PayPal and Venmo at a rate of $1.00 per PayPal USD.
This announcement marks a significant step towards a more integrated internet of ownership, where users have greater control over their digital assets. By bridging the gap between traditional finance and the decentralized future, Transak and PayPal are pioneering a new era of financial accessibility and innovation.
For more details, visit Transak’s website.
