FV Bank, the U.S. licensed digital bank offering a vertically integrated suite of traditional and digital asset banking and custody services, announced the expansion of its stablecoin capabilities with the integration of PayPal USD (PYUSD) for direct deposits and outbound payments. This feature, now live for all FV Bank account holders, enables the direct receipt of PYUSD into their USD accounts, with automatic real-time conversion to USD.
Building on this integration, 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 demand and 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.
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 seamless 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 FV Bank customers with yet another option when choosing to transact through their FV Bank USD account, with this feature being seamlessly 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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“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.”
FV Bank remains committed to forging strong partnerships with stablecoin providers to further their integration into the existing financial ecosystem, ensuring accessibility through wallets, exchanges, and payment networks. FV Bank is helping to achieve widespread stablecoin adoption by providing enhanced accessibility through its network of client services, with clients now having greater access to digital financial solutions, flexibility, and convenience for cross-border payments and settlements.
This expansion builds on FV Bank’s integration of Circle’s USDC in September 2021 and Tether’s USDT in December 2024. FV Bank’s strengthened cross-border offering now provides FV Bank’s global customers with a wider range of deposit options, including 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.
SOURCE: BusinessWire