PayPal has significantly expanded its crypto payment capabilities, now allowing small and medium-sized businesses in the U.S. to accept over 100 digital assets as payment. The update includes major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as more novel tokens such as the Trump-themed TRUMP memecoin and the humorously named Fartcoin.

The new functionality is now available to all merchants using PayPal’s online payment platform, the company confirmed today. As part of the rollout, PayPal is offering a promotional transaction fee of 0.99% for the first year, with a flat 1.5% fee applying thereafter—still lower than the average 1.57% U.S. merchants paid for credit card transactions in 2024, according to the Nilson Report.

Buyers can use existing crypto wallets at checkout, with PayPal handling the complex backend conversion. Depending on the wallet used, PayPal will facilitate the swap through centralized exchanges like Coinbase or decentralized protocols like Uniswap. The crypto is then converted into PYUSD, PayPal’s own stablecoin, before finally being settled in U.S. dollars for the merchant.

“Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City,” said Alex Chriss, PayPal CEO, in a statement to Fortune. “Using PayPal’s open platform, the business can accept crypto for payments.”

This marks another milestone in PayPal’s broader digital asset strategy. In August 2023, it became the first major U.S. fintech firm to launch a stablecoin, and has since deepened its involvement in the crypto space across wallets, payments, and now merchant acceptance.

The move is expected to increase the utility of PYUSD and push broader adoption of crypto payments in mainstream commerce. Analysts see this as a strategic play to capitalize on growing interest in borderless, asset-diverse payment options while undercutting credit card fees.