BVNK, a provider of payment infrastructure, has announced the incorporation of the PayPal USD (PYUSD) stablecoin, issued by Paxos Trust Company, into its payment system. This integration enables businesses to utilize PYUSD on BVNK's platform, which supports various digital and fiat currencies.
Moreover, as an authorized member of the PYUSD ecosystem, BVNK can directly generate (mint) and eliminate (burn) PYUSD tokens for its customers, the company revealed in a press release.
Chris Harmse, BVNK's co-founder and VP of Commercial Strategy, emphasized:
"We're constructing modern payment infrastructure to facilitate more businesses in operating across banks and blockchains, enhancing financial flexibility. Stablecoins constitute nearly 90% of the payments we process, and they are highly significant to our customers for efficiently settling global payments. We're excited to introduce PYUSD to our platform,"
Nick Robnett, Head of Asset Growth at Paxos, also commented on the integration, underscoring the trust and growth PYUSD brings to digital assets.
"As a dollar-pegged stablecoin issued by Paxos Trust Company, regulated by the New York Department of Financial Services, PYUSD enhances trust in digital assets. We witness daily growth as it's introduced across the PayPal ecosystem – and we're pleased to collaborate with BVNK to provide more businesses with access to PYUSD and more options for global money movement," Robnett remarked.
Through PYUSD, BVNK customers can participate in various financial activities, including settling payments and establishing PYUSD wallets. The incorporation reflects the significant role stablecoins play in the blockchain economy.
As of May 16, 2024, PYUSD's market capitalization has reached $377 million, as per data from CoinGecko.
May 2024, Cryptoniteuae