"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 will now support crypto-to-fiat checkout with Coinbase, MetaMask, and more, cutting cross-border fees by 90%.

PayPal Holdings Inc. will allow businesses to accept more than one hundred cryptocurrencies at checkout. According to Frank Keller, "You have globally 650 million users that participate in the $3 trillion market of cryptocurrencies" and PayPal wants to give small businesses access to this customer base.