Global payments platform PayPal has expanded its cryptocurrency offerings to include Chainlink (LINK) and Solana (SOL). This update allows US-based users to buy, sell, and transfer these popular tokens. The support for LINK and SOL will be rolled out in the coming weeks and will also be extended to users of Venmo, PayPal's mobile payment platform, as disclosed on April 4. Venmo reportedly had around 83 million users in 2023, while PayPal's global reach encompassed approximately 428 million accounts by December, with the majority located in the US. These services are currently exclusive to US residents due to regulatory considerations. May Zabaneh, an executive in PayPal's crypto division, emphasized that this expansion is a response to rising consumer demand. She stated, “Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies.” With this addition, PayPal now supports a total of seven digital assets, including its own stablecoin, PayPal USD (PYUSD). The launch of PYUSD in 2023 marked PayPal's official entry into the cryptocurrency market, achieving a total market capitalization of over $1 billion shortly after its launch. However, its circulating supply has since decreased to around $760 million. In an effort to demonstrate PYUSD's utility, PayPal successfully settled an invoice with consulting giant Ernst & Young using this stablecoin. Despite PYUSD's current market positioning being less prominent than leading stablecoins like Tether (USDT) and USD Coin (USDC), industry figures like Polygon Labs CEO Marc Boiron recognize PayPal's significant role in advancing stablecoin adoption amidst a landscape of uncertainty among regulators and enterprises.

Global payments platform PayPal has enhanced its cryptocurrency service by adding Chainlink (LINK) and Solana (SOL) to its offerings. This new update allows US-based users to buy, sell, and transfer these popular tokens, with the rollout set to occur over the coming weeks also extending to Venmo, PayPal's mobile payment platform. In 2023, Venmo had approximately 83 million users, while PayPal’s global presence included around 428 million accounts, primarily situated in the US. Currently, these crypto services are only available to US residents due to regulatory constraints. May Zabaneh, an executive in PayPal’s crypto division, highlighted that the expansion was in direct response to increasing consumer demand, stating that “offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies.” With this addition, PayPal now supports a total of seven digital assets, including its own stablecoin, PayPal USD (PYUSD). The launch of PYUSD in 2023 marked PayPal’s official foray into the cryptocurrency market. Shortly after its release, it achieved a total market capitalization exceeding $1 billion, although its circulating supply has subsequently dropped to about $760 million. PayPal has also demonstrated the utility of PYUSD by settling an invoice with consulting firm Ernst & Young using the stablecoin. Despite PYUSD currently holding a smaller market share compared to leading stablecoins like Tether (USDT) and USD Coin (USDC), industry leaders, including Marc Boiron, CEO of Polygon Labs, acknowledge PayPal’s influential role in facilitating stablecoin adoption during a period characterized by regulatory uncertainties.