thecryptobasic.com
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 $XRP support. Interestingly, prominent influencer Dig Perspectives also highlighted the claims.
#PayPal-Use #$PYUSD to convert #$BTC #$ETH #$XRP and other #crypto. https://t.co/JLG0XVp5CS
— 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.