PayPal (PYPL) expands PYUSD stablecoin to 70 markets
PayPal is expanding its dollar-backed stablecoin, PYUSD, to 70 new markets to facilitate cheaper and faster transactions.Summary
PayPal announced the expansion of its dollar-backed stablecoin, PYUSD, to 70 new markets, extending its reach beyond the U.S. This move aims to provide users with cheaper cross-border transfers and faster settlement for merchants. Consumers can now buy, hold, send, and receive PYUSD directly through their PayPal accounts, with options to transfer to external wallets or convert to local currency. May Zabaneh, PayPal’s senior vice president and general manager of crypto, highlighted the benefits of integrating stablecoins into payment networks, emphasizing cost savings and speed. PYUSD, with a market cap of around $4 billion, joins a growing stablecoin market led by Tether’s USDT and Circle’s USDC. The expansion includes regions in Asia-Pacific, Europe, and Latin America, with countries like Singapore, the U.K., Peru, and Guatemala gaining access, and more markets to follow.
(Source：CoinDesk)