PayPal processed a record $486.4 billion in payments during the second quarter and created a dedicated crypto division as it expands its digital asset strategy.

PayPal has reported $486.4 billion in total payment volume for the second quarter on July 28, up 10% year over year. It also confirmed a reorganization that hands crypto its own division inside the company.

The unit, Payment Services & Crypto, sits alongside Checkout Solutions & PayPal and Consumer Financial Services & Venmo. In the same presentation, PayPal listed stablecoins as one of three areas it is expanding into under an “innovating with discipline” heading, next to agentic commerce and identity and…