PayPal has over 400 million active accounts, and this global payment giant is adding cryptocurrency to its peer-to-peer (P2P) payments, allowing users to send and receive digital assets directly—an initiative that could accelerate mainstream adoption beyond just investment and trading.
On Monday, the company announced PayPal Links, a personalized one-time link generated within the PayPal app that can be shared via SMS, email, or chat. This feature will first launch in the United States and then expand to the UK, Italy, and other international markets later this year.
In the short term, users will be able to send cryptocurrencies and stablecoins directly through PayPal's P2P feature, both to PayPal and Venmo users and to compatible digital assets. The statement noted that supported cryptocurrencies will include Bitcoin (BTC), Ethereum (ETH), PYUSD, and others.
PayPal emphasized that personal transfers made through Venmo or PayPal will not trigger 1099-K tax reporting, as payments between friends and family are typically tax-exempt.
PayPal Links and the cryptocurrency P2P feature are both launched under PayPal World, the company's new interoperability framework designed to connect cross-border wallets and payment systems.
The company has been steadily expanding its presence in the digital asset space. Earlier this year, it launched "Pay with Cryptocurrency," a blockchain-based settlement service that allows U.S. businesses to accept payments in over 100 cryptocurrencies. In April, PayPal expanded its Venmo and PayPal cryptocurrency products to include Chainlink (LINK) and Solana (SOL).
Peer-to-peer payments have long been viewed as one of the most compelling use cases for cryptocurrency, a theme emphasized in Satoshi Nakamoto's original Bitcoin white paper.
In its purest form, P2P refers to direct wallet-to-wallet transfers on the blockchain, without intermediaries or custodians. While PayPal remains a centralized payment processor, its new P2P platform allows users to send cryptocurrencies to external wallets—this feature aligns more closely with the original idea of peer-to-peer transactions.
PayPal is not the only centralized player moving in this direction. In June, cryptocurrency exchange Kraken launched Krak, a payment app that enables users to send and receive digital assets across borders.
Meanwhile, the rise of stablecoins is steadily reshaping remittances and P2P payments. The World Bank notes that stablecoin-based transactions can reduce transaction costs by up to 92%.
However, not everyone is convinced. The Bank for International Settlements has warned that stablecoins have shortcomings in key currency principles, arguing that they are more like financial assets than true currencies.
Related: Web3 white hat hackers earn millions, far exceeding the $300,000 annual salary of traditional cybersecurity roles.
Original article: “PayPal Adds Bitcoin (BTC), Ethereum (ETH), PYUSD to P2P Payments”
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