As the crypto world evolves, misrepresentations often arise. One such misconception surrounds PayPal’s recent feature related to its new stablecoin, PYUSD. Rumors claim PayPal supports XRP conversions, but these are baseless, according to the updated Terms and Conditions.
PayPal, the global online payment giant, took a significant step by introducing a feature allowing conversions between its newly minted stablecoin, PYUSD, and other specific cryptocurrencies. The introduction of such a feature by a major traditional finance institution is monumental.
But, as with many groundbreaking announcements, there were misunderstandings. Shortly after this feature was unveiled, there were whispers that XRP was among the supported digital assets for conversion.
Jack The Rippler, a notable figure in the XRP community, unintentionally fanned these flames. In his recent post, while he correctly outlined the PYUSD conversion functionality, he inaccurately stated that XRP was on the list of supported cryptocurrencies.
Given the extensive reach of the XRP community and the significance of such a claim, it didn’t take long for this rumor to spread like wildfire.
BREAKING NEWS!
PayPal is launching a feature to allow users convert PYUSD to #XRP, #Bitcoin, #Ethereum and other crypto pic.twitter.com/RtIjiT2C5I
— JackTheRippler ©️ (@RippleXrpie) August 14, 2023
Prominent influencers didn’t stay silent. Dig Perspectives, another major voice in the crypto sphere, reiterated these claims, amplifying the rumor’s resonance. With the buzz growing louder, many community members and XRP enthusiasts began seeking validation. They wanted concrete evidence, an official announcement, or a credible source that could confirm XRP’s inclusion in PayPal’s new feature.
Crypto Eri, a distinguished XRP commentator and YouTuber, joined the choir seeking clarity. She wisely stressed that, as per the latest official communications, PayPal only confirmed support for four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Drawing on her reputation, she openly challenged anyone to present an authoritative source backing the XRP claims.
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
Updated Terms and Conditions: No Support for XRP
Seeking the truth, a close examination of PayPal’s official documents reveals the reality. There’s a deafening silence on XRP support.
PayPal’s recent update to its Cryptocurrency Terms and Conditions, dated August 7, introduces a “Cryptocurrency Hub”. This hub clearly elucidates that users can convert their PYUSD to a limited set of cryptocurrencies. The list, as of now, only features BTC, ETH, BCH, and LTC.
Moreover, PayPal imposed a crucial stipulation. Users can’t perform a direct cryptocurrency-to-cryptocurrency conversion. PYUSD must act as the bridge. In simpler terms, any conversion between digital assets on PayPal’s platform must pass through PYUSD.
To conclude, while PayPal’s foray into stablecoins with PYUSD is indeed groundbreaking, the rumors surrounding XRP support remain unfounded and should stop. As with any financial decision, it’s essential to base actions on confirmed facts, not rumors.
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