PayPal launches crypto checkout for US merchants, accepting 100+ coins including BTC

Key Points

1. PayPal's 'Pay With Crypto' feature enables US merchants to accept payments in USD or PYUSD, supporting over 100 cryptocurrencies including BTC, ETH, and memecoins.

2. PYUSD stablecoin is central to the feature, acting as a bridge for conversions, but it has not yet received approval from the New York State Department of Financial Services (NYDFS).

3. Transaction fees for merchants are set at 0.99% for the first 12 months, increasing to 1.5% thereafter, which is lower than traditional cross-border payment fees.

4. The launch follows the GENIUS Act, which has spurred financial companies to expand crypto payment services and provided clearer legal parameters for stablecoins.

5. PayPal's crypto payments are not insured by the FDIC or the Securities and Exchange Commission (SEC).