The integration aims to streamline global business payments.
BVNK, a payment infrastructure provider, has 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 BVNK’s platform, which supports a variety of digital and fiat currencies.
In addition, as an approved member of the PYUSD ecosystem, BVNK can directly create (mint) and remove (burn) PYUSD tokens for customers, the company shared in the 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 payment efficiently. We’re thrilled to introduce PYUSD to our platform,” Harmse stated.
Nick Robnett, Head of Asset Growth at Paxos, also commented on the integration, highlighting the trust and growth PYUSD brings to digital assets.
“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,” Robnett noted.
With PYUSD, BVNK customers can engage in a range of financial activities, including settling payments and creating PYUSD wallets. The integration reflects the significant role stablecoins play in the blockchain economy.
As of May 16, 2024, PYUSD’s market cap reached $377 million, according to data from CoinGecko.