“Stablecoins make up almost 90% of the payments we process, and they’re very important to our customers as a way to settle global payments efficiently. We’re thrilled to introduce PYUSD to our platform. As a stablecoin that connects into PayPal’s extensive payments network, it’s a valuable payment option for many businesses.”
BVNK has integrated US dollar-pegged stablecoin PYUSD into its payments platform and has the ability to create (mint) and remove (burn) tokens directly for its customers, through its partnership with PYUSD issuer Paxos.
Stablecoins account for 70% of blockchain transactions and there is $300m of PayPal USD in circulation out of a total market cap of stablecoins around $160bn. PYUSD has automatically become a valuable payment option for global businesses because of its direct ties with PayPal and its global network.
With monthly active stablecoin users on the rise, reaching 27.5 million unique users and 47 million active stablecoin wallet addresses in April, BVNK has added PYUSD so that businesses can access the US dollar-pegged PYUSD stablecoin on its payments platform, alongside 14 popular digital currencies, stablecoins, and 25 fiat currencies.
Paxos Trust Company, overseen by the New York Department of Financial Services (NYDFS), is the sole issuer of PYUSD, which is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents, and can be redeemed 1:1 for US dollars.
“Stablecoins make up almost 90% of the payments we process”
BVNK customers can now create PYUSD wallets, settle suppliers, pay contractors and employees around the world and accept consumer payments in PYUSD – through BVNK’s API, hosted payments page, or merchant portal. They can also settle PYUSD into fiat currencies like EUR and GBP.
PYUSD is an ERC-20 token operating on the Ethereum blockchain. Despite only launching in August 2023, 11 million people traded PYUSD in its first six weeks. In April 2024, it reached a market cap of $320 million.
Chris Harmse, co-founder and VP Commercial Strategy at BVNK,, said: “We’re building modern payments infrastructure to enable more businesses to operate across banks and blockchains and maximize financial flexibility. Stablecoins make up almost 90% of the payments we process, and they’re very important to our customers as a way to settle global payments efficiently. We’re thrilled to introduce PYUSD to our platform. As a stablecoin that connects into PayPal’s extensive payments network, it’s a valuable payment option for many businesses.”
Nick Robnett, Head of Asset Growth at Paxos said: “As a dollar-pegged stablecoin that is issued by Paxos Trust Company, which is overseen by New York Department of Financial Services, PYUSD is bringing greater trust to digital assets. We’re seeing growth every day as it’s rolled out across the PayPal ecosystem – and we’re delighted to team up with BVNK to give more businesses access to PYUSD, and more options for how they move their money globally.”
BVNK holds EMI license in Europe and the UK
Earlier this year, BVNK activated its Electronic Money Institution (EMI) license in Europe following the successful acquisition and operationalization of System Pay Services (Malta) Limited, its EU EMI entity based in Malta.
Alongside its UK EMI license, the EU-regulated entity enables BVNK to offer improved B2B payment services in EUR and GBP, facilitating more efficient and supportive customer interactions.
The B2B payments market, valued at approximately $113 trillion, is expected to grow to $137 trillion by 2027 driven by businesses increasingly operating across borders, necessitating global payment solutions. BVNK’s modern payments platform bridges banks and blockchains to allow businesses to transact in any currency, whether digital or fiat.
With EMI licenses in both Europe and the UK, BVNK can provide named virtual IBANs (vIBANs) in EUR and GBP and ensure rapid access to major payment schemes such as SEPA, SEPA Instant, CHAPS, and Faster Payments.
