Erroneous claims of XRP support have emerged as PayPal rolls out a feature enabling the conversion of its new stablecoin PYUSD to and from other crypto assets.
PayPal is introducing a new feature to enable users to convert other supported crypto assets to and from PYUSD, its recently-launched stablecoin. In the wake of this development, false claims of PayPal supporting XRP have emerged.
In a post on Monday, XRP community member Jack The Rippler first called attention to these claims. While he rightly pointed out that PayPal is rolling out a feature to enable conversions between PYUSD and other assets, the influencer erroneously disclosed that XRP is among the supported assets.
The disclosure garnered widespread attention from XRP proponents, with several individuals requesting a source that substantiates the claims of XRP support. Interestingly, prominent influencer Dig Perspectives also highlighted the claims.
— Digital PerspectivesPermaBull🪝 (@DigPerspectives) August 16, 2023
Responding to Dig Perspectives’ disclosure, Crypto Eri, a notable figure in the XRP community and prominent YouTuber, aligned herself with the community’s efforts, inquiring about a dependable source that could validate the assertion.
Eri rightly emphasized that PayPal only supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). She stressed that she had not seen any official announcement confirming support for XRP, asking any community member to provide any available credible source.
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
PayPal Does Not Support XRP
However, no official announcement from PayPal substantiates the claims of XRP support. It bears mentioning that PayPal recently revealed the rollout of a feature allowing users to convert their funds between PYUSD and other crypto assets.
PayPal updated its Cryptocurrency Terms and Conditions on August 7 to reflect the new development, adding a “Cryptocurrency Hub” feature. Information from the document reveals that users can convert their PYUSD to other cryptocurrencies and from these assets back to PYUSD.
Notably, PayPal did not mention adding any new assets besides the ones it already supports: BTC, ETH, BCH, and LTC.
In addition, the company revealed that users cannot make direct cryptocurrency-to-cryptocurrency conversions without involving PYUSD as an intermediary. In essence, each cryptocurrency conversion must involve the stablecoin.
The disclosure came up shortly after PayPal launched PYUSD, becoming the first major traditional finance institution to make this move. The stablecoin, issued on Ethereum, maintains a peg to the US Dollar.