PayPal’s new CEO will be Alex Chriss, starting September 27th, as first reported by CNBC. Chriss is currently the senior VP and CPO of small business for Intuit, and he will replace Dan Schulman. Schulman, who has been PayPal’s president and CEO since 2014, had previously announced plans to step down by the end of the year and will remain a director until next May.

The company recently announced its own US dollar-backed stablecoin called PayPal USD (PYUSD) earlier this month, allowing people to make person-to-person payments and transfer the currency between PayPal and other outside wallets. Cointelegraph reports that, on the same day, the PayPal terms of service also updated to mention a new Cryptocurrencies Hub where users can manage crypto assets including PYUSD.

Schulman mentioned at the time that digital currencies “requires a stable instrument” like the US dollar, and now, PayPal will move forward on it with a new CEO.

Chriss’ tenure at Intuit included leading the $12 billion acquisition of Mailchimp in 2021, and he handled small businesses and self-employed groups. “The Board search committee worked diligently and thoroughly to find the right candidate to take PayPal into its next stage of growth and expansion, and we are confident Alex is that person,” PayPal board of directors chair John Donahoe states in a press release.