Payments infrastructure provider BVNK has integrated PayPal USD into its payments platform, boosting the mainstream adoption of stablecoins
Payments infrastructure provider BVNK, a Top 10 fintech startup, has integrated the US dollar-pegged stablecoin PayPal USD (PYUSD) into its payments platform, in a move it hopes will mark a significant forward step for the mainstream adoption of stablecoins. This comes has BVNK has undertaken a global expansion.
Now, businesses can access the US dollar-pegged PYUSD stablecoin on the BVNK platform, which now sits alongside 14 popular digital currencies, leading stablecoins and 25 fiat currencies.
An approved member of the PYUSD ecosystem, BVNK has direct access to mint and burn PYUSD tokens for customers.
BVNK: Fostering the growth of stablecoins
With this new integration, BVNK customers can create PYUSD wallets and settle suppliers while paying contractors and employees globally as well as accepting consumer payments in PYUSD.
This is all done through BVNK’s API, hosted payments page and/or merchant portal. Customers can also settle PYUSD into fiat currencies such as EUR or GBP.
By integrating PYUSD, BVNK essentially enters a collaboration with Paxos Trust Company, the sole issuer of PYUSD which is overseen by the New York Department of Financial Services (NYDFS).
An ER-20 token operating on the Ethereum blockchain, PYUSD has already reached a market cap of US$320m despite only launching in 2023.
Nick Robnett, Head of Asset Growth at Paxos says: “As a dollar-pegged stablecoin that is issued by Paxos Trust Company, which is overseen by New York Department of Financial Services, 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.”
Stablecoins: The fastest growing crypto asset
Indeed, BVNK’s move to adopt PYUSD comes as stablecoins continue to be one of the fastest growing crypto assets. In 2023 alone, US$7tn of stablecoins were settled, despite the fact the asset class is less than a decade old.
And monthly active stablecoin users are on the rise so far this year, reaching 27.5 million unique users and 47 million active wallet addresses in April 2024, per Visa Onchain Analytics.
A report from Castle Island Ventures reveals that today, stablecoins account for close to 70% of all transactions on the blockchain, eclipsing traditional digital currencies such as Bitcoin.
As of April 2024, the total market cap of stablecoins reached a marked US$160bn after eight significant months of growth, the highest stablecoin market cap since September 2022.
BVNK Co-founder and VP Commercial Strategy Chris Harmse, adds: “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 that connects into PayPal’s extensive payments network, it’s a valuable payment option for many businesses.”