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The payments leader indicates that the dollar-pegged PYUSD token will facilitate more affordable international transfers and expedited settlements for merchants.
PayPal Expands PYUSD Stablecoin to 70 Markets. (CoinDesk)
Key points:
- PayPal is launching its U.S. dollar–backed stablecoin, PYUSD, to users across 70 markets globally.
- Users can buy, hold, send, and receive PYUSD directly within their PayPal accounts, as well as transfer it to external wallets.
- Merchants who accept PYUSD can receive funds in minutes, avoiding the delays typical of traditional settlement processes.
PayPal (PYPL) announced its expansion of the dollar-pegged stablecoin, , to users in 70 markets, broadening the token’s availability beyond the United States as it deepens its involvement in digital payments.
In the newly added countries, users will have the ability to buy, hold, send, and receive PYUSD directly in their PayPal accounts, with the option to transfer the token to third-party wallets or convert it to local currency during withdrawals.
The launch represents a "powerful means to demonstrate how stablecoins can truly be incorporated into a distribution network for both users and merchants while delivering value, cost efficiencies, and immediate speed in settlement," stated May Zabaneh, senior vice president and general manager of crypto at PayPal, in an interview with CoinDesk.
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"You are reducing costs, enhancing speed, and allowing both consumers and businesses the capability to hold, spend, and earn."
Stablecoins, which are digital tokens backed by assets like fiat currencies or commodities, have become essential in the payment and settlement ecosystem within the crypto sector, frequently utilized for trading and international transfers. The market is dominated by Tether’s USDT, which has a market cap of approximately $143 billion, followed by Circle Internet’s (CRCL) USDC at around $78 billion. PYUSD has a market capitalization of about $4 billion.
The segment has emerged as one of the rapidly growing areas of the digital asset market, with total supply reaching into the hundreds of billions of dollars as the demand for dollar-linked digital transactions rises.
This expansion has piqued the interest of traditional finance entities and payment companies, with firms like Visa (V) and Mastercard (MA) investigating stablecoin integrations, while banks and fintech companies are exploring tokenized deposits and blockchain-based settlements to enhance their competitive edge in international payments and digital commerce.
Merchants utilizing PYUSD can obtain payment proceeds almost immediately, rather than enduring the lengthy waits associated with traditional settlement processes, thereby potentially increasing liquidity for international trade.
PayPal launched PYUSD in the United States in 2023. The token is backed by dollar deposits and short-term Treasuries, with issuance managed by Paxos under U.S. regulatory authority.
The new markets encompass regions such as Asia-Pacific, Europe, and Latin America, including countries like Singapore, the U.K., Peru, and Guatemala among those gaining access. PayPal indicated that more markets will be introduced in the upcoming weeks.
Read more: Stablecoin market hits $312 billion as banks, card networks embrace onchain dollars
