PayPal expanding PYUSD stablecoin access to 70 countries: Report

PayPal is expanding access to its stablecoin PYUSD to 70 countries, including regions across South America, Africa, and Asia, whereas previously only users in the US and UK could hold it, Fortune reported Tuesday.

Users can now send, receive, and store PYUSD while also earning rewards, with US users receiving around 4% annually.

This move reduces high cross-border fees, allows users to keep funds in a USD-pegged asset instead of converting to local currencies, and introduces wallet balance functionality in countries where funds previously had to be withdrawn immediately.

PYUSD supports cross-border payments such as transfers from the US to Peru, enables holding digital dollar balances in emerging markets, and is used for business payouts and internal transfers.

Since its 2023 launch, PYUSD’s market cap has grown from a small base to $4.1 billion and is now the seventh-largest stablecoin in the world, CoinGecko data shows.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Source: https://cryptobriefing.com/paypal-stablecoin-expansion-70-countries/