PayPal has announced the expansion of its dollar backed stablecoin, PayPal USD (PYUSD), to 70 markets globally, a move aimed at improving cross border payments, reducing transaction costs and accelerating global digital commerce.
The company said users in the newly supported markets would now be able to buy, hold, send and receive PYUSD directly through their PayPal accounts. According to PayPal, the stablecoin enables faster settlement and lower cost transactions compared to traditional payment systems, while also allowing eligible users to transfer funds to friends and family, move assets to third party digital wallets and convert PYUSD into local currencies for daily spending.
Speaking on the development, Senior Vice President and General Manager of Crypto at PayPal, May Zabaneh, said the initiative was designed to provide consumers and businesses with faster and more seamless ways to transact globally. Also commenting, Otto Williams, noted that the rollout in Africa would help businesses improve settlement times, reduce payment friction and gain better access to global commerce opportunities.
PayPal explained that businesses accepting PYUSD could access transaction proceeds within minutes instead of waiting days or weeks under traditional settlement systems, improving liquidity and working capital management. Since its launch in the United States in 2023, PYUSD has gradually expanded across Africa, Asia Pacific, Europe, Latin America, the Middle East and North America as part of PayPal’s broader strategy to build a more inclusive and efficient global payments ecosystem.