Transak users now have the option to purchase PYUSD using their preferred local payment methods. This strategic integration aims to address the challenge of wider cryptocurrency adoption, specifically the conversion of traditional currencies to crypto.
The introduction of PYUSD has the potential to drive crypto adoption forward as it tackles the ongoing issue of converting traditional currencies into crypto assets. Sami Start, CEO of Transak, highlighted this as one of the core challenges for wider crypto adoption.
The collaboration between Transak and Paxos offers a direct protocol-level interaction method and presents PYUSD as a stablecoin backed by fiat currency, providing stability and a trustworthy entry point into digital assets. Nick Robnett, Head of Asset Growth at Paxos, emphasized the significance of this integration in meeting evolving consumer needs and expanding choices in financial matters.
He also underscored the role of stablecoins and blockchain technology as the future of finance and an opportunity to safely introduce this technology to users. PYUSD, issued by Paxos, is a stablecoin backed by U.S. dollar deposits, U.S. Treasuries, and other cash equivalents.
It can be purchased or sold through Paypal and Venmo at a fixed rate of $1 per PYUSD.