Transak users can now purchase PYUSD using their preferred local payment methods.
This integration is a strategic move aimed at overcoming the core challenge of wider adoption of cryptocurrencies—converting traditional currencies into cryptocurrencies. With the launch of PYUSD, it is possible to drive this adoption.
Sami Start, CEO of Transak, stated, "One of the core challenges of widespread cryptocurrency adoption is the difficulty of converting traditional currencies into crypto assets. By listing PYUSD, we provide traders with a trusted entry point, leveraging the familiarity and reputation of PayPal to simplify the transition to the decentralized financial world."
Transak recently partnered with Cometh to simplify the process of purchasing cryptocurrencies with fiat currencies by eliminating intermediaries. This collaboration provides a direct protocol-level interaction method.
PayPal recently announced the launch of its PYUSD stablecoin on the Solana blockchain.
Stability
With PYUSD on the Transak platform, cryptocurrencies can be accepted more quickly and widely, sparking innovative new applications. As a stablecoin backed by fiat currency, PYUSD provides a stable and trusted digital asset entry point.
Nick Robnett, Head of Asset Growth at Paxos, stated, "The integration of PYUSD with Transak is a step to meet the evolving consumer demand, providing them with more financial choices. Stablecoins and blockchain technology are the future of finance—this is an excellent opportunity to safely introduce this technology to users."
Despite the clear advantages and obstacles of stablecoins, it remains one of the significant advancements bringing about major changes to the traditional financial system.
Paxos issues PYUSD, a stablecoin backed by US dollar deposits, US Treasury bonds, and other cash equivalents. You can purchase or sell PYUSD at a fixed exchange rate of 1 USD per PYUSD through PayPal and Venmo.
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