BVNK Integrates PayPal USD to Enhance Stablecoin Adoption

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.”