There have been misleading claims recently as FinTech giant, PayPal, released its new digital asset converter feature. This feature will enable interconversion between PayPal’s PYUSD stablecoin and other digital assets.
Amid this new development, false claims about the payment gateway supporting conversions between PYUSD and XRP have emerged. However, the claim is untrue, as the feature does not support the conversation between PYUSD and XRP.
Claims That PayPal Supports Conversion to XRP Are False
In an August 14 tweet, Jack The Rippler, a prominent XRP community member and influencer, announced the deployment of the PayPal conversion feature. However, the influencer erroneously highlighted that XRP would be among the list of supported digital assets for the conversion feature.
— JackTheRippler ©️ (@RippleXrpie) August 14, 2023
JTR’s post gained massive traction from XRP pundits on the X platform, as many individuals even requested a reliable source that supports his claim. Furthermore, another crypto influencer, Dig Perspectives, also retweeted JTR’s post, spurring more reactions from crypto proponents.
Among the responders to Dig Perspectives’ retweet was Crypto Eri, another leading voice in the crypto space, a popular YouTuber, and a proponent of XRP. Like several other XRP proponents, Crypto Eri questioned the authenticity of JTR’s disclosure.
Can anyone find the link to verify #XRP was added?
I can’t find it. Paypal added their new stablecoin (PYUSD) but the only crypto listed is Bitcoin, Bitcoin Cash, Ethereum, Litecoin. 🙏 No announcement (that I can find) to support this.https://t.co/jWypyLo08K https://t.co/tvSHINT9tA
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 16, 2023
She requested a reliable source to validate JTR’s assertion. In a valid claim, Eri stressed that the only supported digital assets on PayPal are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).
She said the payment gateway giant had yet to release any official announcement validating JTR’s assertion for XRP support. Therefore, she added that any crypto community member with any credible source for the claim should provide the links.
PayPal Does Not Support XRP Coin
On the contrary, until now, no official disclosure or announcement from PayPal supports the claims that it will feature XRP on its platform. However, it is worth noting that PayPal recently announced a new advanced feature that will enable users to convert their assets between PYUSD and other digital assets.
On August 7, PayPal updated its Cryptocurrency Terms and Conditions to unveil the latest development. According to the leading payment platform, it will roll out a “Crypto Hub” feature that will help users facilitate these conversions.
It is worth stating that PayPal did not integrate new digital assets except its existing BTC, ETH, LTC, and BCH. Furthermore, the payment firm noted that users couldn’t only perform direct conversions between two cryptocurrencies after converting the initial asset to PYUSD. Thus, PYUSD emerges as a crucial part of its crypto conversion.
Notably, this new development ranks PayPal as the first leading traditional finance firm to roll out a stablecoin intermediary for crypto conversions.
Meanwhile, XRP price continues to tumble since its explosive rally after Ripple’s partial win against the US SEC. The token has shed off all past month’s gains and now holds a nearly 20% 30-day price drop, with a nearly 5% decline in the last 24 hours.