PayPal activates native Solana and Chainlink support for users in US territories
Quick Take
- PayPal expanded its crypto offerings to include Solana and Chainlink within the United States and associated territories.
- Previously, SOL and LINK were only accessible on the payment processor through a MoonPay partnership.
Digital asset users in the United States and U.S. territories can now buy, sell, hold and transfer Solana and Chainlink directly on PayPal for the first time, according to the company's crypto FAQs page.
Before the new listing, customers could only use PayPal as a payment method to buy SOL or LINK on MoonPay, a crypto native service provider. Solana and Chainlink prices were relatively unchanged following the news, according to The Block’s price page.
PayPal has offered crypto services since October 2020. The firm initially debuted digital asset support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash to U.S. customers. PayPal USD, its own dollar-pegged stablecoin issued on Ethereum and Solana, joined the roster in August 2023 — expanding payment methods and assets within the platform.
Past regulatory ambiguity in the U.S. likely contributed to the firm’s cautious crypto listing approach. Federal agencies have previously cracked down on the crypto industry and its digital currencies, spreading fear among institutions interested in cryptocurrencies. Lawsuits filed in June 2023 by the Securities and Exchange Commission against crypto exchanges Binance and Coinbase scrutinized Solana as a potential unregistered securities asset. The SEC has since withdrawn its complaint against Coinbase and paused litigation in the Binance case. SEC prosecutors also ended a request for a court ruling on SOL's status as a security in July 2024 during the Binance lawsuit.
Meanwhile, new pro-crypto U.S. leadership may suggest favorable tailwinds for assets like Solana and Chainlink. SEC staffers have acknowledged multiple spot Solana exchange-traded fund filings while Chainlink co-founder Sergey Nazarov attended the first White House digital asset summit in March.
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