Account holders with US licenced digital bank, FV Bank, will now be able to convert PayPal USD (PYUSD) into USD in real time as the digital bank expands its stablecoin capabilities.
Offering an integrated suite of traditional and digital asset banking and custody services, this new expansion builds on FV Bank’s integration of Circle‘s USDC in September 2021 and Tether‘s USDT in December 2024. FV Bank strengthened its cross-border offering allowing it to provide its global customers with a wider range of deposit options.
These include USD, EUR, USDC, USDT, and PYUSD, along with the ability to send 13 different currencies from their USD bank account over its local network or via SWIFT, enabling better treasury management in USD.
Now, FV Bank account holders will be able to send outbound payments to beneficiaries in PYUSD without the need to mint the stablecoin themselves or manage an external digital wallet. By leveraging FV Bank’s real-time processing capabilities, clients can initiate PYUSD payments directly from their USD accounts, where FV Bank automatically debits USD, mints PYUSD on-demand, and delivers it near-instantly to the beneficiary.
“The integration of PYUSD deposits and payments, along with auto-conversion to and from USD is another key accomplishment in our commitment to provide the most comprehensive integrated banking service for our global customers,” said Miles Paschini, CEO of FV Bank. “This additional deposit and payment option positions 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.”
Building on the demand for stablecoins
PYUSD offers FV Bank customers a highly liquid, and efficient stablecoin solution for their direct deposit and instant payments 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.
FV Bank’s PYUSD direct deposit and payments service provides its customers with another option when choosing to transact through their USD account, with this feature being integrated with blockchain analytics tools to pre-screen and detect transactions potentially linked to sanctions or AML activities, ensuring full compliance with regulations.
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