BVNK, a payment infrastructure provider, announced the integration of the PayPal USD (PYUSD) stablecoin issued by Paxos Trust Company into its payment system. This move allows businesses to access PYUSD on the BVNK platform, which supports a variety of digital and fiat currencies. Additionally, as an approved member of the PYUSD ecosystem, BVNK can directly mint and burn PYUSD tokens for clients, the company said in a press release.
Chris HARMSE, BVNK co-founder and VP of Commercial Strategy, stated:
“We’re building modern payment infrastructure to enable more businesses to operate across banks and blockchains and maximize financial flexibility. Stablecoins make up almost 90% of the payment 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.”
With PYUSD, BVNK customers can engage in a range of financial transactions, including settling payments and creating PYUSD wallets. The integration reflects the important role that stablecoins play in the blockchain economy. According to CoinGecko, as of May 16, 2024, PYUSD’s market capitalization reached $377 million.
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