PayPal is opening up its PYUSD stablecoin to 70 countries.
The PayPal team has announced that it intends to scale the PYUSD stablecoin to more international markets where the company operates. This allows customers to save on cross-border payment fees, as well as receive instant stablecoin settlements 7 days a week.
PayPal SVP of Crypto May Zabaneh expressed:
Now you’re really opening up not only access—especially in places where they need it most— but also cross-border transfers and volume, where the pain is felt so high.”
In a wider push to grow stablecoin adoption and utility, PayPal is doubling down on its former pilot of selecting only 2 jurisdictions to test out stablecoin transfers – the U.S. and UK.
Emerging economies are among the biggest users favouring stablecoins over traditional payments. PYUSD has a running supply of $4B and is in the top 10 stablecoins according to DeFiLlama.
Recently, PayPal has also been the subject of takeover talks after its declining performance in the public markets over the last several years.
With potential acquisition offers ahead from competitors such as Stripe, PayPal is using its PYUSD stablecoin momentum to realise a growing source of user activity.
