PayPal Unveils New Feature Enabling Users To Easily Convert PYUSD

Shortly after launching their stablecoin, PayPal has unveiled a new service which focuses on facilitating crypto sales, purchases, and other functions through both PayPal and PYUSD.

In an effort to establish a presence in the fast-growing cryptocurrency landscape for payment purposes, PayPal has been exploring broader cryptocurrency endeavors. Their proprietary dollar-backed stablecoin, PYUSD, was recently introduced, marking PayPal as the first major US financial institution to launch such a stablecoin.

Operating on the Ethereum blockchain, PYUSD is issued by Paxos and fully backed by US dollar deposits, adhering to the stablecoin model. Following the PYUSD debut, PayPal has updated its terms and conditions to introduce its Cryptocurrencies Hub. This feature empowers users to hold and engage with Bitcoin and other cryptocurrencies within their PayPal accounts.

The hub permits crypto trading, while streamlining the conversion between PYUSD and other assets, and facilitating PayPal-based transactions post-crypto sales. It is worth noting that not all PayPal users will have immediate access to this new feature. Priority is given to users with sound account balances, and the service is not available for residents of Hawaii, as per the updated terms and conditions.

For PayPal, this marks a substantial foray into the realm of digital assets and blockchain technology. The company is banking on mainstream customers adopting stablecoins as a legitimate payment method. If successful, PYUSD could significantly impact the Ethereum blockchain and reshape how conventional investors perceive cryptocurrencies.

Similar to other stablecoins, PYUSD will be tradable on various cryptocurrency exchanges. Huobi, a popular crypto exchange, recently announced its support for PYUSD, being the first to launch the PYUSD/USDT trading pair.