International funds platform PayPal has expanded its cryptocurrency choices to incorporate Chainlink (LINK) and Solana (SOL), giving US-based customers the power to purchase, promote and switch the favored tokens.
Assist for LINK and SOL will likely be rolled out over the following few weeks and also will be prolonged to customers of Venmo, a US cellular cost platform owned by PayPal, the corporate disclosed on April 4.
Supply: Cointelegraph
Roughly 83 million folks used Venmo no less than as soon as in 2023, in accordance with the newest obtainable data from PayPal.
PayPal’s world attain extends to roughly 428 million accounts as of December, nearly all of that are in the USA.
The corporate’s crypto companies can be found solely to US residents.
PayPal is increasing its crypto choices in response to rising shopper demand, in accordance with Could Zabaneh, an government in PayPal’s crypto and blockchain division.
“Providing extra tokens on PayPal and Venmo gives customers with higher flexibility, selection, and entry to digital currencies,” she mentioned.
PayPal’s US crypto choices now embody seven digital property in complete, together with its cost stablecoin PayPal USD (PYUSD).
Associated: Tabit provides USD insurance coverage insurance policies backed by Bitcoin regulatory capital
PayPal’s stablecoin push
The launch of PYUSD in 2023 solidified PayPal’s entry into the cryptocurrency market. Roughly one yr after its launch, PYUSD surpassed $1 billion in complete market capitalization for the primary time.
Since then, PYUSD’s circulating provide has fallen to round $760 million, in accordance with business information.
PayPal’s US dollar-pegged stablecoin peaked at a market cap of greater than $1 billion in August 2024. Supply: DefiLlama
To display the utility of PYUSD, PayPal settled an bill with world consulting agency Ernst & Younger in October for an undisclosed quantity.
On the time, PayPal’s senior vice chairman of blockchain, Jose Fernandez da Ponte, mentioned “The enterprise setting may be very well-suited” for stablecoin funds.
Regardless of PYUSD’s modest circulating provide in comparison with stablecoin leaders USDt (USDT) and USDC (USDC), the corporate’s involvement within the sector can’t be understated, in accordance with Polygon Labs CEO Marc Boiron.
In an interview with Cointelegraph, Boiron credited firms like PayPal and Stripe for catalyzing stablecoin adoption at a time when regulators and enterprises had been nonetheless unsure concerning the know-how.
Journal: Unstablecoins: Depegging, financial institution runs and different dangers loom