PayPal, the Global Payment Platform, announced the expansion of its encrypted currency services to include Chainlink (LINK) and Solana (SOL), enabling United States users to purchase, sell and transfer these hot coins. According to information received on 4 April, PayPal will gradually support Link and SOL in the coming weeks, and this service will also extend to the users of the United States mobile payment platform, Venmo, under PayPal ' s banner.
According to PayPal ' s latest data, approximately 83 million people used the Venmo service at least once in 2023. By December, PayPal had some 428 million accounts globally, most of them in the United States. It is noteworthy that PayPal ' s encryption money service is currently open only to United States residents.
May Zabaneh, the head of the PayPal encryption and block-link sector, states: “Increased availability of tokens on PayPal and Venmo offers users greater flexibility, selectivity and access to digital currency.” PayPal's encryption money service in the United States now covers seven digital assets, including its payment stability currency PayPal USD.
In addition, PayPal ' s introduction of PYUSD has consolidated its pace of access to the encryption market. For the first time since its launch in 2023, PYUSD ' s market value has exceeded the $1 billion mark. PYUSD reached a market peak of over $1 billion in August 2024, even though it subsequently fell to about $760 million. In order to demonstrate the usefulness of PYUSD, PayPal settled an invoice with the Global Consulting firm Ernst & Young in October for an undisclosed amount.
In an interview with Cointelegraph, Chief Executive Officer Marc Boiron of Polygon Labs stated that, although PYUSD had a relatively small circulation supply, PayPal ' s involvement in this area should not be insignificant before USDT and USDC, which led the stabilization currency. He commended companies such as PayPal and Stripe for promoting the introduction of stabilization coins during periods of technical and regulatory uncertainty.