PayPal and Venmo Introduce Support for Ethereum Name Service (ENS) Domain Names

This new feature, initially available to US users, allows for streamlined cryptocurrency transactions using easily recognizable ENS names instead of complex wallet addresses.

PayPal and Venmo users in the US can now utilize Ethereum Name Service (ENS) domain names to simplify cryptocurrency transactions.

This new feature eliminates the need to input complex wallet addresses, enhancing user experience and reducing the risk of errors.

PayPal and Venmo users in the United States can now use Ethereum Name Service (ENS) domain names to simplify cryptocurrency transactions, making them easier and safer than ever before.

This new feature allows users to link their wallet addresses to “.eth” domain names, enabling them to send and receive payments by simply entering an ENS name.

This integration aims to streamline wallet address management and reduce the risks associated with incorrect payments.

ENS, which has been operational since 2017, has registered more than 4 million domain names, indicating the growing demand for user-friendly solutions in the Web3 ecosystem.

PayPal has been actively expanding its presence in the Web3 space since 2020, when it first allowed users to buy, hold, and sell cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

This service was initially made possible through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency services.

Venmo followed suit in 2021, offering its users similar features.

In addition to the ENS integration, PayPal also launched its own stablecoin, PayPal USD (PYUSD), in collaboration with Paxos.

This stablecoin was launched on the Ethereum blockchain in August 2023 and was later integrated with the Solana blockchain in May 2024.

PYUSD is backed by U.S. dollar deposits and short-term U.S. Treasuries, ensuring a 1:1 ratio with the U.S. dollar.

It is issued as an ERC-20 token on the Ethereum blockchain and has been integrated with the Solana blockchain, expanding its functionality across networks.

Despite PYUSD's initial success, with its market cap reaching over $1 billion on August 24, the stablecoin faced challenges in early September.

As a result, PYUSD's market cap dropped by 17%, with the majority of the decline occurring on Solana.

The stablecoin's Solana deployment saw a 21.5% decrease in market cap, dropping to $507.5 million, while its Ethereum deployment only fell by 3%, dropping to $351.8 million.

This decline comes amid PayPal's broader efforts to establish PYUSD as a trusted stablecoin in the market.

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