PayPal has taken a key step in the mass adoption of cryptocurrencies with the launch of Pay with Crypto, a new feature that allows merchants to receive payments in cryptoassets instantly converted to stablecoins or traditional currencies.

PayPal has introduced “Pay with Crypto” to enable instant settlements and lower fees for global merchants and crypto users.

“Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations,” said Alex Chriss, president and chief executive of PayPal. “Today, we’re removing these barriers and helping every business of every size achieve their goals.”