"Using PayPal's open platform, the business can accept crypto for payments, increase their profit margins, pay lower transaction fees, get near instant access to proceeds," PayPal CEO Alex Chriss explained. Funds held as PYUSD, PayPal's USB-backed stablecoin, earn 4% annually.

PayPal has unveiled a new functionality that allows merchants in the US to accept payments in more than 100 cryptocurrencies, aiming to enhance international transactions and increase the use of its stablecoin.