Is it true? Does paypal support XRP? As the crypto industry develops, misconceptions frequently emerge. One example is PayPal’s newest feature relating to its new dollar-backed stablecoin, PYUSD. According to the new Terms and Conditions, rumors that PayPal enables XRP, Ripple’s native currency, conversions are false.

PayPal, the worldwide online payment giant, took a huge step forward by offering a tool that allows conversions between its recently issued stablecoin, PYUSD, and other cryptocurrencies. Adopting such a provision by a big traditional financial institution is significant. 

But there were misunderstandings, as there are with many ground-breaking announcements. There were claims that XRP was one of the supported digital assets for conversion shortly after introducing this feature.

False Claims on PayPal Supporting Ripple (XRP)

On Monday, 14th August 2023, XRP community member JackTheRippler brought forward these claims in a tweet. The influencer correctly noted that PayPal is launching a function allowing conversions between PYUSD and other assets, but he incorrectly stated that XRP is one of the supported assets.

Given the wide-ranging influence of the XRP community and the implication of such a claim, it didn’t take long for this story to spread like wildfire. The admission attracted much interest from XRP supporters, and several people asked for a source that verifies the XRP support claims. Oddly enough, well-known influencer Dig Perspectives emphasized the claims as well.

PayPal Support XRP

In response to Dig Perspectives’ disclosure, the famous YouTuber and well-known XRP figure Crypto Eri joined the community’s efforts. They sought out a reliable source that may substantiate the claim.

PayPal exclusively accepts only four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), as Eri correctly noted. She emphasized that she had not seen any official announcement confirming support for XRP and pleaded with the community to provide any reliable information they may have.

PayPal Does Not Support XRP

There has been no official notification from PayPal confirming XRP support. It is worth noting that PayPal recently launched a function that allows users to convert their funds between PYUSD and other crypto assets.

On 7th August, PayPal amended its Cryptocurrency Terms and Conditions to reflect the new development, adding a “Cryptocurrency Hub” function. According to the documentation, users can transfer their PYUSD to other cryptocurrencies and back to PYUSD.

PayPal did not mention adding any new assets in addition to the ones it already accepts: BTC, ETH, BCH, and LTC.

Furthermore, the corporation revealed that consumers cannot convert Bitcoin to cryptocurrency without using PYUSD as an intermediary. Therefore, every cryptocurrency conversion must include the stablecoin.

The announcement occurred not long after PayPal launched PYUSD, becoming the first major traditional financial company to do so. The Ethereum-based stablecoin has been pegged to the US dollar.

Finally, even though PayPal’s entry into stablecoins with PYUSD is revolutionary, the rumors of XRP support are still baseless and need to be stopped. These rumors are baseless because PayPal has not made any official statement stating such. It’s crucial to base decisions on verified facts rather than rumors, just like with any financial decision.