Transak adds fiat-to-crypto onramp for PayPal USD

The Block2024/06/18 14:40

By:The Block

Quick Take Transak, a Web3 payments infrastructure provider, is listing PYUSD, which could make it easier for some crypto users to buy PayPal’s stablecoin. The fiat-to-crypto onramp’s rollout on Transak comes shortly after Crypto.com, Phantom and Paxos launched support for buying PYUSD on Solana.

Transak has rolled out a fiat-to-crypto onramp for PayPal USD, as it aims to popularize digital asset payments.

The Web3 payment infrastructure provider announced Tuesday that PYUSD can now be bought on its platform with fiat, using the SEPA transfer system or mobile payment apps such as Google and Apple Pay. The onramp’s rollout forms part of Transak’s efforts to court consumers who might want to experiment with crypto payments but aren’t comfortable using digital asset wallet software.

"One of the core challenges for wider crypto adoption has been the difficulty of converting traditional currencies into crypto assets," Transak CEO Sami Start said Tuesday in a statement. "By listing PYUSD, we're providing a trusted on-ramp for traders, leveraging the familiarity and reputation of PayPal to ease the transition into the world of decentralized finance."

Transak is one of several crypto platforms to offer an onramp for PYUSD since the stablecoin's launch in August 2023. Last September, Venmo launched support for PYUSD payments. Then, in May, Crypto.com, Phantom and Paxos rolled out support for buying the stablecoin on Solana.

Onramps for PYUSD are becoming more numerous as stablecoin usage appears to increase. In April, the market capitalization of USD-pegged stablecoins soared to $165 billion, its highest level in nearly two-years.

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