Can I buy USDC with PayPal?
Unfortunately, no. PayPal only offers Bitcoin, Ethereum, Litecoin and Bitcoin Cash to buy and sell on their Crypto app. That said, if you are an advanced user and are familiar with using decentralized exchanges like Uniswap or Sushiswap, you can buy ETH and withdraw it to a MetaMask wallet to buy USDC.
With this method, you would simply buy ETH on PayPal, withdraw it to your MetaMask Wallet and visit the Uniswap ETH/USDC pool to swap the two tokens.
How to buy USD Coin (USDC) with PayPal
The best way to buy USD Coin (USDC) with PayPal directly is by finding a secure exchange that accepts PayPal deposits. The most popular exchange to do this is eToro, with over 18 million users, 80 cryptos and 8,000+ stocks, ETFs and other assets. Their platform offers fast and instant PayPal deposits for users in over 120 different countries.
You can get started in 4 simple steps:
- Create an account: Sign up to eToro.
- Deposit funds: Select the 'Deposit Funds' button on the bottom of your screen and select 'PayPal'. Follow the prompts to connect your PayPal account.
- Find USD Coin (USDC): Once the PayPal deposit hits your account, find the USDC token on the eToro platform with their 'Discover' tab.
- Execute your trade: Input the amount you want to invest and execute your trade.
What is USDC?
USDC is a type of cryptocurrency called a 'stablecoin', meaning it seeks to maintain a stable price by being backed 1:1 with the US dollar. It was created by Circle and Coinbase in 2018 as an ERC-20 token on the Ethereum blockchain and has become one of the most popular stablecoins in the world.
As of September 2022, there is over $50 billion worth of USDC in circulation. The main use case for USDC is to provide a stable store of value and medium of exchange for crypto transactions. However, it can also be used to hedge against volatility in the crypto markets or as a way to send/receive USD without using traditional banking channels. You can compare USDC vs USDT in our extended guide.
In conclusion, while PayPal does not currently offer the ability to buy USD Coin (USDC) directly on their platform, there are alternative options available. Users can find a secure exchange that accepts PayPal deposits, such as eToro, which offers fast and cheap deposits for buying USDC and over 80 other cryptocurrencies. While advanced users can also buy ETH on PayPal, withdraw it to a MetaMask wallet, and use a decentralized exchange to swap for USDC, this method may not be suitable for everyone.