- PayPal adds Solana and Chainlink to U.S. crypto services amid rising demand.
- LINK and SOL integration boosts user access, DeFi use, and crypto engagement.
- PYUSD gains enterprise traction as PayPal settles invoice with Ernst & Young.
PayPal has expanded its U.S. cryptocurrency platform to include Chainlink (LINK) and Solana (SOL), boosting user access to digital assets. The new listings will also roll out on Venmo, offering buy, sell, hold, and transfer options within both platforms.
PayPal Confirms LINK and SOL Integration Across Wallet Services
According to a post by PayPal CEO Alex Chriss on April 4, the company introduced LINK and SOL in response to growing user demand for broader token support. With this move, PayPal now supports seven digital assets in the U.S., including its stablecoin, PayPal USD (PYUSD). Besides offering fast transaction speeds, Solana powers a broad range of decentralized applications. Chainlink facilitates smart contract connectivity with real-world data.
PayPal reported over 428 million active accounts as of December, with Venmo users totaling roughly 83 million in 2023. The new crypto options will be available to U.S. users over the coming weeks. Both LINK and SOL are expected to increase user engagement across PayPal’s crypto wallet ecosystem.
Chainlink and Solana Expand Options for Crypto Payments
The addition of Chainlink and Solana highlights PayPal’s strategy to enhance flexibility and drive adoption of digital currencies in trusted environments. According to May Zabaneh, Vice President of Product, Blockchain, and Crypto at PayPal, user feedback guided the decision to broaden token offerings. She noted that expanding token availability supports user access and real-world crypto functionality.
Moreover, users can now utilize LINK and SOL for various on-chain applications, including DeFi, gaming, and infrastructure projects. The integration supports PayPal’s mission of advancing digital payments through accessible and secure crypto services. The company confirmed that support for the two tokens would extend to Venmo without requiring additional onboarding.
Stablecoin PYUSD Gains Traction Amid Token Expansion
PayPal’s stablecoin, PYUSD, launched in 2023 and reached a peak market cap of over $1 billion before stabilizing around $760 million. In a notable move, PayPal used PYUSD to settle an invoice. With Ernst & Young, signaling real-world utility in enterprise-level transactions.
Though PYUSD still trails stablecoin leaders like USDT and USDC, its early momentum is promising. Industry observers credit PayPal’s proactive role in crypto integration and digital payment evolution. Polygon Labs CEO Marc Boiron noted that firms like PayPal and Stripe are accelerating institutional adoption.
