- Paypal is adding ChainLink (LINK) and Solana (SOL) to its cryptocurrency offerings for US users.
- The expansion will also extend to Venmo’s approximately 83 million users over the coming weeks.
- PayPal’s cryptocurrency portfolio now includes seven digital assets, including its stablecoin PYUSD which has reached a circulating supply of around $760 million.
PayPal is expanding its cryptocurrency services to include Chainlink (LINK) and Solana (SOL), allowing US-based customers to buy, sell, and transfer these popular tokens. According to an April 4 announcement, the new options will roll out over the next few weeks and will also become available to users of Venmo, the mobile payment platform owned by PayPal.
This expansion responds to increasing consumer demand for cryptocurrency options. “Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies,” explained May Zabaneh, an executive in PayPal’s crypto and blockchain division.
With these additions, PayPal now offers seven digital assets to US customers, including its own stablecoin, PayPal USD (PYUSD). The company’s reach extends to approximately 428 million accounts globally as of December, with the majority based in the United States. Venmo alone served roughly 83 million users in 2023, according to the latest data from PayPal.
PayPal’s Growing Stablecoin Presence
PayPal solidified its cryptocurrency market position by launching PYUSD in 2023. The stablecoin reached a significant milestone when it exceeded $1 billion in market capitalization, though its circulating supply has since decreased to around $760 million, according to industry data from DefiLlama.
To demonstrate PYUSD’s practical applications, PayPal completed an invoice payment with global consulting firm Ernst & Young in October for an undisclosed amount. At that time, Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, noted that “The enterprise environment is very well-suited” for stablecoin payments.
Despite PYUSD having a relatively modest circulation compared to market leaders like USDT and USDC, the company’s participation in the stablecoin sector has been influential. In an interview with Cointelegraph, Polygon Labs CEO Marc Boiron credited companies like PayPal and Stripe with advancing stablecoin adoption during a period when both regulators and enterprises were uncertain about the technology.
Currently, PayPal restricts its cryptocurrency services exclusively to US residents, despite its global presence across hundreds of millions of accounts worldwide.
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