PayPal introduces cryptocurrency for peer-to-peer payments, allowing users to send and receive digital assets directly. The feature, launching first in the US, will support Bitcoin, Ether, PYUSD, and more. PYUSD stablecoin market cap reaches nearly $1.3 billion. Personal transfers through PayPal or Venmo won’t trigger tax reporting.

PayPal is expanding its digital assets presence with new features under PayPal World, connecting wallets and payment systems globally. The company previously rolled out “Pay with Crypto” for US businesses and added Chainlink and Solana to Venmo and PayPal offerings. P2P payments are seen as a key utility for crypto’s future scalability.

While PayPal’s move towards P2P crypto payments aligns with the original Bitcoin white paper’s ethos, stablecoins are reshaping remittances and P2P transactions. The World Bank notes that stablecoin-based rails could reduce transaction costs significantly. However, the Bank for International Settlements has raised concerns about stablecoins’ adherence to monetary principles.

Read more at Cointelegraph: PayPal Adds Crypto to Peer-to-Peer Payments