PayPal has announced an expansion of its cryptocurrency services, allowing users to buy, sell, send and spend digital assets through its app. The platform now supports Bitcoin, Ethereum, Litecoin, Solana, Chainlink and the company’s own PayPal USD (PYUSD) stablecoin.
The company said customers can use their crypto balances to make purchases at merchants that accept PayPal, with transactions converted into local currency at checkout. Users will also be able to transfer Bitcoin and Ethereum on a peer-to-peer (P2P) basis, as well as to and from external wallets.
PayPal highlighted its stablecoin PYUSD as a key part of the update. The token, pegged to the U.S. dollar and issued by Paxos Trust Company, can be bought, sold, held or converted into other supported cryptocurrencies. Customers are currently being offered 4% annual rewards for holding PYUSD in their PayPal wallet.
In addition, PayPal has integrated with third-party wallets including MetaMask, Ledger, Phantom and Exodus, allowing broader flexibility for users. The company said all transactions are encrypted and monitored for fraud prevention, while also cautioning that crypto carries risks of volatility and losses.
The announcement follows ongoing regulatory developments around stablecoins and crypto payments. PayPal reiterated that cryptocurrencies are not legal tender, and that its crypto services are not bank deposits.
Disclaimer: This article is based strictly on PayPal’s official product information and disclosures. It is for informational purposes only and does not constitute investment advice.
