PayPal expands PYUSD stablecoin to 70 countries, targeting the global payments market
Summary
- PayPal said it will expand the reach of its PYUSD stablecoin to 70 markets worldwide.
- Users will be able to buy, hold, send and receive PYUSD via their PayPal accounts and convert it into local currency.
- PayPal said PYUSD can cut settlement times to minutes versus traditional payments, with expected liquidity benefits for cross-border transactions.
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Global payments company PayPal is accelerating the expansion of its digital payments infrastructure by widening the reach of its dollar-backed stablecoin, PYUSD, to 70 countries.
According to crypto-focused media outlet CoinDesk on the 17th, PayPal said it will roll out its PYUSD stablecoin across 70 markets worldwide.
With this expansion, users will be able to buy, hold, send and receive PYUSD directly through their PayPal accounts. They will also be able to transfer it to external crypto wallets or convert it into local currency when withdrawing.
PayPal stressed in particular that using PYUSD can significantly shorten settlement times compared with traditional payment methods. Merchants that use PYUSD can cut a settlement process that previously took several days down to minutes, an improvement expected to bolster liquidity, especially for cross-border transactions.
Meanwhile, PYUSD is a stablecoin issued against U.S. dollar deposits and short-term Treasuries, with Paxos handling issuance under the oversight of U.S. regulators. Its market capitalization currently stands at about $4 billion.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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