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The Coin Rise 2025-01-10 18:45:12

FV Bank Now Supports PYUSD for Direct Deposits

FV Bank Now Supports PYUSD for Direct Deposits

United States-licensed global digital bank FinTech Ventures popularly regarded as FV Bank has added PayPal USD (PYUSD) to its stablecoin services. According to the announcement , this change allows FV Bank customers to use PYUSD for direct deposits and payments, making their transactions faster and more efficient. Similarly, FV Bank customers will convert between PYUSD and U.S. dollars (USD). Benefits of FV Bank PYUSD Integration FV Bank PYUSD’s offering also makes it easy for customers to conduct transactions in the digital economy while keeping the benefits of a reliable currency. Customers can now make payments and transfers instantly, avoiding the delays and costs that usually come with traditional wire transfers. Adding PYUSD to FV Bank’s stablecoin services gives customers another way to transact using their FV Bank USD account. This change makes FV Bank more appealing as a modern, digital-first financial institution. FV Bank Scale Ecosystem with Partnerships Interestingly , FV Bank’s recent PYUSD integration follows its partnership with Tether from December 2024. Before that, FV Bank integrated Circle’s USDC in September 2021. With the new addition, FV Bank becomes the sole licensed US bank offering direct deposit services for three prominent stablecoins. These offerings include Circle’s USDC, Tether’s USDT, and now PayPal’s PYUSD), enhancing clients’ flexibility and facilitating speedy, efficient global transactions. Notably, FV Bank enables clients to seamlessly initiate stablecoin payments directly from their USD accounts. The bank automatically debits the USD amount, converts it to PYUSD, USDT, or USDC on demand, and rapidly delivers the stablecoins to the recipient. Rapid Evolution of PYUSD Since its launch, PYUSD’s market cap and distribution have experienced notable shifts , signaling growth and rebalancing within its network presence. In August, PYUSD reached a market cap peak of $1 billion, with a large portion circulating on Solana (SOL). At that time, around $660 million worth of stablecoin was on Solana, while $340 million was on Ethereum (ETH). However, recent data from DefiLlama shows a significant shift: PYUSD’s total market cap has halved to $513 million, with Solana now hosting only $166 million and Ethereum holding $384 million. These changes underscore the stablecoin’s responsiveness to market trends and PayPal’s ongoing adjustments in the stablecoin landscape. Recall that PayPal launched PYUSD on Solana in partnership with firms like Crypto.com and Paxos. PayPal also teamed up with MoonPay , enabling the former’s users to purchase cryptocurrency on platforms like Polymarket. The post FV Bank Now Supports PYUSD for Direct Deposits appeared first on TheCoinrise.com .

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