BitPay, which claims to be the world’s largest provider of Bitcoin and cryptocurrency payment services, announced it has rolled out PayPal USD (PYUSD) payments for merchants and consumers.
Xsolla will be one of the first merchants “to accept PYUSD, enabling their customers to buy any merchandise online using the PayPal stablecoin.”
PYUSD is designed to “be a cryptocurrency for payments and is issued by Paxos Trust Company.” The stablecoin is fully “backed by U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents, and can be redeemed 1:1 for U.S. dollars.”
Chris Hewish, CEO of Xsolla, said:
“We are excited to partner with BitPay to offer PYUSD payments to our customers. This stablecoin brings an innovative payment solution that aligns with our commitment to provide accessible and secure transaction options. Together with BitPay, we aim to enhance the buying experience for gamers and pave the way for future developments in the cryptocurrency space.”
Stephen Pair, CEO of BitPay, said:
“When adding a new cryptocurrency for merchants to accept we look at many factors, but among the most important is its payment utility and community involvement. Supporting PYUSD encourages mass adoption of cryptocurrency payments from PayPal’s enormous customer base.”
The update to BitPay merchants and BitPay app holders automatically “adds PYUSD to the mix of supported cryptocurrencies.”
Merchants do not need “to make any changes or adjustments in order to accept PYUSD payments.”
Customers have the option “to make payments from their BitPay Wallet, their PayPal Wallet, Metamask, or any compatible Ethereum wallet.”
Founded in 2011, BitPay says that it is “one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money.”
Its business solutions “eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services.”
BitPay offers consumers “a complete digital asset management solution that includes the BitPay Wallet and BitPay Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses.”
The company has offices “in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth.”