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Fortune

Ben Weiss

PayPal adds its PYUSD stablecoin to Venmo in push to expand crypto reach

PayPal Venmo Crypto Tether USDC Paxos

PayPal's sign outside its headquarters. (Credit: Justin Sullivan—Getty Images)

PayPal announced on Wednesday that Venmo users will be able to buy PayPal’s new stablecoin, PayPal USD, increasing the number of cryptocurrencies customers can purchase on the app to five.

The ability to purchase PYUSD is now open to select users and it will be rolled out to more customers in the coming weeks, PayPal, which owns Venmo, said in a statement. Crypto enthusiasts already can buy PYUSD on a subset of exchanges, which include Coinbase, Crypto.com, Bitstamp, and Kraken.

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