PayPal Allows US Businesses to Receive Payments in Over 100 Cryptocurrencies, Including Memecoins Like TRUMP and Fartcoin
On July 28, the global payment platform PayPal officially launched a feature allowing small businesses in the US to receive payments in over 100 cryptocurrencies, from popular coins like Bitcoin (BTC), Ethereum (ETH) to memecoins like TRUMP and Fartcoin. This feature is expected to be expanded to larger and international businesses in the future.
According to the announcement, the preferential transaction fee is 0.99% in the first year, before increasing to 1.5% from the second year. This is lower than the Medium transaction fee of 1.57% for credit card transactions in the US in 2024.
Buyers will pay with crypto, and PayPal will sell these digital assets through exchanges like Coinbase or Uniswap. The system will then convert to the PYUSD stablecoin and transfer to USD to pay the business, helping to minimize price volatility risks for the seller.
This new move marks PayPal's next step in digital assets, after supporting crypto buy/sell since 2020, integrating this feature on the Venmo app, and especially launching its own stablecoin called PayPal USD (PYUSD) in 2023 - currently with a market Capital of around 850 million USD.
