- PayPal has expanded its dollar-backed stablecoin, PYUSD, to 70 markets globally, a major jump from its previous availability in just the U.S. and U.K.
- Users in newly supported regions, including Asia-Pacific, Europe, and Latin America, can now buy, hold, and send the stablecoin directly via their PayPal accounts.
- The rollout includes a yield-bearing feature, allowing eligible international users to earn approximately 4% rewards on their holdings.
PayPal announced Tuesday the significant expansion of its PYUSD stablecoin to 70 markets worldwide, aiming to streamline cross-border transactions and reduce the friction associated with traditional wire transfers. The expansion marks the fintech giant’s most aggressive push into international digital asset utility since the token’s launch in August 2023.
The newly supported regions include Singapore, Colombia, Peru, and Uganda, among others across Latin America, Africa, and Asia-Pacific. While the stablecoin was previously restricted to U.S. and U.K. users, the broader rollout allows millions of additional customers to buy, hold, send, and receive the asset. In Singapore, however, access is currently limited to business account holders.
By leveraging blockchain rails—specifically Ethereum, Solana, and Stellar—PayPal aims to offer near-instant settlement. Traditional international transfers often incur high fees and take days to clear; PYUSD enables users to move value 24/7 at a fraction of the cost. Additionally, eligible users in many of these new markets can now earn 4% annual rewards on their PYUSD balances, positioning the stablecoin as a savings tool in regions with limited access to U.S. dollar-denominated instruments.
“Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy,” said May Zabaneh, Senior Vice President and General Manager of Crypto at PayPal. “The current system still charges too much, takes too long, and settles on timelines that were designed for a different era.”
The market capitalization of PYUSD has seen significant growth over the last year, recently surpassing the $4 billion mark. This momentum is supported by PayPal’s integration of the token into various business verticals, such as enabling YouTube creators to receive payouts via Hyperwallet and pilot programs for on-chain settlement in the trucking and insurance industries.
Issued by Paxos Trust Co. and regulated by the New York State Department of Financial Services (NYDFS), PYUSD is fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and cash equivalents. The company noted that while the expansion is live, some users in the remaining global markets will see the feature phased in over the coming weeks.
Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.
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