MoonPay has expanded its services to include PayPal USD (PYUSD), a dollar-denominated stablecoin issued by Paxos Trust Company.
Users in all supported countries, except Canada, can now purchase PYUSD through MoonPay using major payment methods.
This support follows the strategic integration between MoonPay and PayPal announced in May 2024, which allows MoonPay users to buy and sell cryptocurrencies using their PayPal accounts.
The integration is said to address issues related to declines in crypto purchases via debit cards, with MoonPay reporting that the success rate of crypto transactions is lower even when using the same debit card. It claims to improve. Additionally, existing PayPal users will no longer need to manually enter their card information when purchasing cryptocurrencies on MoonPay.
According to the press release, MoonPay users are not limited to making purchases with PayPal using only the PYUSD stablecoin or Ether. Instead, you will have the flexibility to buy and sell over 110 coins and tokens.
Approximately half of MoonPay customers in the United States are expected to benefit from this integration. Additionally, the company plans to expand PayPal integration to users in the United Kingdom and European Union in the near future.
MoonPay claims to be the first provider to integrate with PayPal for both on-ramp and off-ramp services, highlighting that the integration is available to users of all of MoonPay’s partner platforms. This distinguishes MoonPay from cryptocurrency exchanges that integrate with PayPal, such as Coinbase.
PYUSD is backed by U.S. dollar deposits, short-term U.S. Treasury securities, and cash equivalents, and was one of the first consumer stablecoins launched by a major financial services company.
PayPal has been actively seeking to expand its presence in the digital asset market, recently announcing plans to enable its U.S. business customers to buy, sell, hold, and transfer cryptocurrencies.
PYUSD’s market capitalization reached $1 billion in August, but has since fallen to around $705 million. Solana’s PYUSD supply initially exceeded Ethereum, but Solana-based supply has since fallen below Ethereum.
