MoonPay Supports PayPal USD

MoonPay is now supporting PayPal USD (PYUSD), the dollar-denominated stablecoin issued by Paxos Trust Company. PYUSD can be purchased on MoonPay using all major payment methods in supported countries, excluding Canada.

This support followed a strategic integration announced in May 2024, allowing MoonPay users to buy and sell crypto using their PayPal accounts.

PYUSD is a dollar-redeemable, payments-focused stablecoin backed 100% by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. It was among the first consumer-facing stablecoins launched by a major financial services company, with fintech giants Robinhood and Revolut reportedly interested in similar endeavors.

PayPal aims to capture market share among significant fintech companies in the digital assets space. Recently, they announced plans for U.S. business customers to buy, sell, hold, and transfer cryptocurrencies.

While PayPal’s stablecoin surpassed $1 billion in market capitalization in August, it has since dropped to approximately $705 million, according to DefiLlama. After expanding PYUSD to Solana, its supply on that network exceeded that of Ethereum. However, the PYUSD supply on Solana has decreased below Ethereum’s total supply again.