In what it thinks would be a major step forward for the mainstream acceptance of stablecoins, payments infrastructure provider BVNK, a Top 10 fintech firm, has incorporated the US dollar-pegged stablecoin PayPal USD (PYUSD) into its payments platform. This occurs when BVNK started expanding internationally.

Businesses may now use the US dollar-pegged PYUSD stablecoin on the BVNK platform, which now has 25 fiat currencies and 14 well-known digital currencies alongside it.

As an authorized participant in the PYUSD ecosystem, BVNK can manufacture and burn PYUSD tokens on behalf of clients.

BVNK: Promoting stablecoin expansion

With this new connection, BVNK users may accept payments from consumers in PYUSD, establish PYUSD wallets, settle suppliers, pay contractors and staff internationally, and more.

All of this is accomplished using the hosted payments page, merchant portal, and/or API from BVNK. PYUSD can also be settled by customers into fiat currencies like EUR or GBP.

Through PYUSD integration, BVNK effectively forms a partnership with Paxos Trust Company, the only PYUSD issuer regulated by the New York Department of Financial Services (NYDFS).

Despite its 2023 introduction, PYUSD, an ER-20 currency that runs on the Ethereum network, has already amassed a market capitalization of US$320 million.

"As a dollar-pegged stablecoin issued by Paxos Trust Company, which is regulated by the New York Department of Financial Services, PYUSD is bringing greater trust to digital assets," said Nick Robnett, Head of Asset Growth at Paxos.

"As it expands throughout the PayPal ecosystem, we're seeing growth every day. We're excited to collaborate with BVNK to provide more businesses with access to PYUSD and more choices for their international money transfer needs."

Crypto asset with the quickest rate of growth is stablecoins.
In fact, stablecoins are still among the cryptocurrency assets with the strongest growth rates, which is why BVNK decided to embrace PYUSD. Despite the fact that stablecoins are a relatively new asset class, US$7 trillion worth of them were settled in 2023 alone.

Additionally, according to Visa Onchain Analytics, the number of monthly active stablecoin users is increasing this year, with 27.5 million unique users and 47 million active wallet addresses by April 2024.

According to a survey by Castle Island Ventures, stablecoins have surpassed conventional digital currencies like Bitcoin in terms of transaction volume, accounting for about 70% of all blockchain transactions as of right now.

After eight notable months of development, the entire market capitalization of stablecoins as of April 2024 was a noteworthy US$160 billion, marking the largest stablecoin market cap since September 2022.

"We're building modern payments infrastructure to enable more businesses to operate across banks and blockchains and maximize financial flexibility," says Chris Harmse, vice president of commercial strategy at BVNK and co-founder of the company.

Nearly 90% of the payments we handle are made with stablecoins, which are highly valued by our clients as an effective means of settling international payments.

We are pleased to add PYUSD to our platform. Stablecoins like this one are a great way for companies to accept payments since they can be integrated into PayPal's vast payments network.