In brief
- PayPal is expanding its stablecoin PYUSD to 70 global markets for faster, cheaper cross-border payments.
- Users can buy, hold, send, and convert PYUSD; businesses get near-instant fund access.
- PYUSD ranks 7th among stablecoins at a more than $4 billion market cap.
PayPal has announced the expansion of its dollar-backed stablecoin, PayPal USD (PYUSD), to 70 markets worldwide. This payments giant said the move aims to provide users with faster, lower-cost alternatives to traditional cross-border payment methods.
Users in newly supported markets can buy, hold, send, and receive PYUSD directly through their PayPal accounts. Additional features include the ability to earn rewards on holdings, instantly transfer funds to friends and family or third-party digital wallets, and convert PYUSD to local currency for everyday spending.
Businesses accepting PYUSD gain access to their proceeds in minutes rather than days, the firm said, improving liquidity and reducing dependence on traditional settlement timelines.
“Consumers and businesses around the world are looking for faster, more seamless ways to transact globally, and the current system still charges too much, takes too long, and settles on timelines that were designed for a different era,” said PayPal Senior VP and GM of Crypto May Zabaneh, in a statement.
“We are working to change that. Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy and that is what drives commerce forward for everyone,” she added.
The rollout spans multiple global regions, including Asia-Pacific, Europe, Latin America, and North America, with specific markets including Colombia, Costa Rica, Singapore, the United Kingdom, and the United States, among others. Users in remaining markets are expected to gain access in the coming weeks.
PayPal framed the expansion as a continuation of the token’s 2023 U.S. launch, positioning PYUSD as a tool to build a more inclusive and globally connected commerce ecosystem. By broadening the stablecoin’s availability, the company hopes to drive greater liquidity and practical utility for both consumers and businesses operating across borders.
Notable limitations apply in certain regions—for example, rewards are unavailable to users in Singapore and the U.K., and Singapore access is restricted to business account holders only.
PYUSD is currently the seventh-largest stablecoin by market cap, per data from CoinGecko, with over $4 billion worth of the dollar-pegged token in circulation. The token surpassed the $4 billion mark for the first time in February. Tether’s USDT, by far the market leader, has a market cap of about $184 billion.
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Source: https://decrypt.co/361422/paypal-expands-pyusd-stablecoin-globally-as-supply-tops-4-billion
