PayPal announced the expansion of its PayPal USD (PYUSD) stablecoin to users in 70 countries. The asset will be integrated directly into PayPal accounts.
Global electronic payment system PayPal expanded the availability of PYUSD beyond the United States and the United Kingdom. Users in 68 countries across Europe, the Asia-Pacific region, and Latin America will gain access to buying, holding, sending, and receiving the asset.
Users in the new jurisdictions will be able to transact with PYUSD directly within the PayPal wallet interface, as well as transfer funds between PayPal users and external crypto wallets. Moreover, there’ll be an option to convert funds into local currencies upon withdrawal. Some users will also have access to a rewards program for holding the asset.
According to May Zabaneh, SVP and General Manager of Crypto at PayPal, the initiative aims to create a faster and more cost-efficient global payment infrastructure capable of replacing outdated cross-border payment models. He also noted that PYUSD integration will help accelerate business settlements, improve liquidity management, reduce international transfer costs, and enhance working capital efficiency.
The stablecoin is already available in the U.K., the U.S., Singapore, and several Latin American countries, including Colombia, Costa Rica, the Dominican Republic, the Faroe Islands, Guatemala, Honduras, Panama, and Peru. The rollout in the remaining announced jurisdictions is expected in the coming weeks.
PYUSD, a U.S. dollar-pegged stablecoin, was launched in 2023 and is issued by Paxos Trust Company. It’s fully backed by reserves consisting of U.S. dollar deposits, U.S. Treasuries, and their equivalents. The asset is available on the Ethereum, Solana, Arbitrum, Stellar, Abstract, Aptos, Avalanche, Ink, Sei, Stable, Berachain, Flow, and TRON blockchains. This year, the company also launched a dedicated platform enabling the issuance of stablecoins based on PYUSD within specific financial and crypto services.
