TLDR
- PayPal expanded PYUSD access from the U.S. and U.K. to a total of 70 countries.
- Users in 68 new markets can hold, send, receive, and keep PYUSD inside PayPal wallets.
- The rollout adds domestic and cross-border PYUSD transfers in supported PayPal markets.
- PYUSD launched in 2023 with Paxos and has grown to about $4.1 billion in market value.
PayPal has officially enabled stablecoin access in 70 countries, widening the reach of PayPal USD, or PYUSD. The update moves the token beyond the United States and the United Kingdom. It gives users in 68 new markets direct wallet access.
The rollout also supports cross-border transfers and reward earnings where PayPal operates. It now reaches users across parts of Africa, South America, and Asia.
The move places PayPal more firmly in the stablecoin payments market. It also answers demand for dollar-based digital balances in regions with costly remittance channels. Users can now hold PYUSD in their PayPal wallets.
They no longer need immediate conversion into local currency after receiving funds. The step also puts PayPal closer to USDC and USDT in payment use. That matters where local currencies can move sharply against the dollar.
Wider wallet access for PYUSD
Fortune reported on March 17 that PayPal extended PYUSD wallet functions to 68 additional countries. Until now, those functions were available only in the United States and the United Kingdom. The added countries cover parts of Africa, South America, and Asia.
The new rollout lets supported users hold, send, and receive PYUSD. It also lets them keep balances inside PayPal instead of cashing out at once. Users were often forced to convert funds or move money out.
That change matters in markets where PayPal users faced limited options after receiving money. In Malawi, transfers often required immediate bank withdrawal. Now, users can keep digital dollars inside the platform for later use. That can reduce extra foreign exchange steps on small transfers. It can also help with online spending and saved balances. The change gives recipients more control over timing and use.
Cross-border payments become easier
PayPal said the wider launch is aimed at smoother domestic and international transfers. A payment sent from New York to Lima can stay in PYUSD after arrival. The receiver does not need automatic conversion into Peruvian soles.
The same option can also serve family support payments and freelance income. This keeps the value in dollars until the user chooses another step. It can bypass some delays found in older remittance rails.
May Zabaneh, PayPal’s senior vice president and head of crypto, linked the rollout to wider access. She told Fortune it is “opening up not only access” and expanding “cross-border transfers and volume.” Her comments pointed to markets where remittance costs remain high. PayPal is presenting PYUSD as a settlement tool inside its existing network. The company says pain points are often highest in these corridors.
Rewards and network reach support growth
PayPal is also extending PYUSD rewards to supported markets. U.S. users currently earn about 4% a year on PYUSD balances, according to the report. That feature gives holders another reason to keep funds in the wallet. It also makes PYUSD more than a transfer tool for some users. Terms for rewards can vary by market and account eligibility.
PYUSD launched in August 2023 with Paxos Trust Company as issuer. It is backed one-to-one by U.S. dollar deposits, short-term Treasuries, and cash equivalents. The stablecoin now runs on Ethereum, Solana, Arbitrum, and Stellar. Its market value has climbed to about $4.1 billion from under $1 billion a year earlier.
PayPal has also added network support beyond Ethereum in recent months. That growth places PYUSD among established stablecoins used for payments and transfers.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
