The Cryptocurrencies Hub service, according to the company, will allow you to sell and buy cryptocurrency, as well as make it easier to pay for purchases through PayPal itself. The service will be used to convert between PYUSD and other crypto assets.
To be eligible to use the service, a PayPal customer must have a “personal PayPal account in good standing”. PayPal is going to verify the validity of user information: name, physical address, date of birth, and taxpayer identification number.
“You can only use your Cryptocurrencies Hub as part of your account by accessing it through your personal PayPal account,” the company explained.
On August 7, PayPal announced the launch of its own stablecoin for transfers and payments. The stable coin is backed by deposits of U.S. dollars, short-term Treasury bonds and similar cash equivalents.
It was recently reported that scammers are trying to trick unsuspecting users by profiting from PayPal USD. More than 60 fake PYUSDs have already appeared online.