PayPal’s stablecoin PYUSD is now available on Venmo to select users, allowing them to purchase and send the Ethereum-based stablecoin through PayPal, Venmo, and compatible wallets. PYUSD approval by NYDFS makes it easier for licensed virtual currency entities in New York to use it. However, the adoption of PYUSD has been slow due to increased competition and regulatory challenges.

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