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PayPal stated in a Sept. 25 statement that PayPal Business accounts can now buy, sell, and trade cryptocurrencies straight from their accounts, hence expanding the crypto features of the platform. Except for those in New York, U.S. stores now have this new capability.
Commenting on the deployment, Jose Fernandez da Ponte, senior vice president of blockchain, bitcoin, and digital currencies, PayPal said, “Business owners have increasingly signaled a desire for the same cryptocurrency capabilities offered to consumers. Offering this new choice thrills us since it will help customers to effortlessly interact with digital money and fulfill their need.
Apart from trading, stores will have the opportunity to withdraw digital assets to external wallets or more safe storage solutions, therefore providing flexibility in how businesses manage their crypto holdings.
PayPal’s entry into the crypto market accelerated in August 2023 with the announcement of the PYUSD stablecoin, which is totally overdone and redeemable at a 1:1 ratio with the US currency. Originally starting with help from Paxos, PYUSD has expanded to the Solana network. Usually under $0.0025, Solana’s low transaction fees have made it an attractive option for little expenses like daily coffee or lunch, which are frequently prohibitively expensive on networks like Ethereum due of larger fees.
PayPal has also implemented covert PYUSD transactions on Solana, allowing payment amounts to stay hidden while keeping the transaction itself clean for compliance.
It lags much behind stablecoins like Tether and Circle even with PYUSD’s meteoric growth and $1 billion market value. As of August 2024 Tether has a market value of $118 billion; Circle’s stablecoin comes at $35 billion.
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