PayPal, the ubiquitous global payment platform, has broadened its crypto horizons, introducing Chainlink (LINK) and Solana (SOL) to its cryptocurrency roster. This decision allows their US-based users to buy, sell, and transfer these popular tokens, in response to growing consumer demand to diversify PayPal’s crypto offerings.
The new LINK and SOL features will be launched gradually over the upcoming weeks. Furthermore, Venmo, PayPal’s subsidiary mobile payment platform, will also roll out support for these tokens. As of the latest updates in 2023, Venmo boasted around 83 million one-time users, while PayPal’s global footprint reached an impressive 428 million accounts, primarily in the United States. However, the company’s crypto services remain exclusively available to US residents.
May Zabaneh, a key player in PayPal’s crypto and blockchain division, emphasizes that incorporating more tokens within PayPal and Venmo facilitates users with “greater flexibility, choice, and access to digital currencies.” PayPal’s US crypto offerings now encompass seven total digital assets, including its payment stablecoin PayPal USD (PYUSD).
PYUSD marked PayPal’s decisive foray into crypto space in 2023. It took just a year for the PYUSD to amass a market cap exceeding $1 billion. Currently, PYUSD’s circulating supply stands approximately at $760 million, revealing the dynamic nature of the industry.
By settling an invoice with global consulting firm Ernst & Young using PYUSD, PayPal demonstrated the utility of its stablecoin. Reflecting on this, PayPal’s senior vice president of blockchain, Jose Fernandez da Ponte, validated their choice, claiming that the “enterprise environment is suited well for stablecoin payments.” Despite the relatively modest circulating supply of PYUSD compared to market leaders like USDt (USDT) and USDC, PayPal’s influence on the stablecoin market is touted as game-changing by industry authorities like Polygon Labs CEO Marc Boiron.