FV Bank, a U.S.-licensed digital bank, has announced the integration of PayPal USD (PYUSD), a stablecoin, into its banking platform. This integration expands the bank’s stablecoin offerings, enabling direct deposits and outbound payments for account holders.
FV Bank Enables Paypal Stablecoin for Instant Cross-Border Payments
FV Bank has recently introduced a new feature that enables customers to receive PYUSD directly into their U.S. dollar accounts, with automatic real-time conversion to USD. This enhancement simplifies cross-border transactions and eliminates the need for external wallets or manual minting of stablecoins. Users can now initiate payments in PYUSD directly from their USD accounts, with the bank promptly minting and delivering the stablecoin to beneficiaries.
The integration of PYUSD aims to streamline global payment processes by reducing costs and processing times typically associated with conventional banking methods. FV Bank CEO Miles Paschini emphasized that this integration reinforces the institution’s position as a regulated bank providing blockchain-powered payment infrastructure and on-ramp/off-ramp stablecoin services.
On Thursday, FV Bank clarified that it has implemented compliance tools, including blockchain analytics for detecting and pre-screening transactions potentially linked to sanctions or anti-money laundering activities. This ensures that the service adheres to regulatory standards while enhancing the security of its users.
This update builds upon FV Bank’s longstanding commitment to stablecoin adoption, following the integration of Circle’s USDC in September 2021 and tether (USDT) in December 2022. The bank’s platform now supports deposits in USD, EUR, USDC, USDT, and PYUSD, facilitating payments in 13 different currencies through local networks or SWIFT.
