**PayPal Expands Crypto Services for Businesses**
**Sept. 25, 2023** - PayPal has announced that its Business accounts can now buy, sell, and trade cryptocurrencies directly through their PayPal accounts. This new feature is available across the U.S., excluding New York.
**Key Points:**
- **Business Demand:** Jose Fernandez da Ponte, PayPal's SVP of blockchain and crypto, highlighted the growing demand from business owners for crypto capabilities.
- **Security Options:** Merchants can withdraw digital assets to external wallets or cold storage for added security.
**PayPal's PYUSD Stablecoin:**
- **Launch & Features:** In August 2023, PayPal introduced the PYUSD stablecoin, backed by US dollar deposits and short-term cash equivalents.
- **Network Expansion:** PYUSD was later expanded to the Solana network, offering lower transaction costs and "confidential transactions."
- **Market Position:** Despite its growth to a $1 billion market cap, PYUSD still trails behind Tether (USDT) and Circle's USDC.
Stay tuned for more updates on how PayPal continues to innovate in the crypto space.