FV Bank adds PYUSD, PayPal’s stablecoin offering, to its list of accepted transfer and payment services.
FV Bank is a licensed US bank based in Puerto Rico – a jurisdiction with somewhat different compliance rules. FV Bank notes that it is the only US bank that offers USDC, USDT, and now PYUSD – a dollar-based stablecoin powered by Paxos.
These stablecoins may be used for direct deposits as well as outbound payments and transfers.
FV Bank states that PYUSD offers its customers a highly liquid, and efficient stablecoin solution for their needs. The ability to instantly convert PYUSD to USD – and vice versa – provides a solution for global customers by reducing the processing times and associated fees of traditional bank wires.
The feature is integrated with blockchain analytics tools to pre-screen and detect transactions potentially linked to sanctions or AML activities, ensuring compliance with regulations.
Miles Paschini, CEO of FV Bank, describes the integration of the stablecoin as another key accomplishment for the bank.
“FV Bank as one of the only regulated banking institutions in the USA to offer blockchain-powered payment rails, as well as extensive stablecoin on-ramp and off-ramp services.”