BitPay has announced it now supports payments using PayPal’s recently launched US dollar stablecoin (PYUSD).

The cryptocurrency payment service provider said users can now spend PYUSD at supported merchants, securely hold it within its self-custody wallet, and use PYUSD to purchase gift cards.

BitPay merchants will have the ability to accept PYUSD similar to all of the other cryptocurrencies supported across BitPay merchant solutions, it added.

PayPal launched its stablecoin in August and stated it would be compatible with widely used exchanges, Web3 apps, and digital wallets including Venmo.

On its release, PayPal chief executive and president Dan Schulman said the goal of the new stablecoin was to “bridge between fiat and Web3 for consumers, merchants, and developers”.

European Central Bank (ECB) chief executive Fabio Panetta recently claimed PayPal would have “no incentive” to limit take-up of its stablecoins or the range of services they provide.

“While the market entry of BigTechs or other large payment providers may initially promote innovation, competition could be severely hampered if they attain a monopolistic position, as we have seen in other digital sectors,” he explained.

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