PayPal Expands PYUSD Stablecoin Access to 70 Countries
PayPal is expanding access to its PYUSD stablecoin to customers in 68 new markets, bringing the total availability to 70 countries.Summary
Payments giant PayPal is significantly expanding the availability of its US-dollar stablecoin, PayPal USD (PYUSD), to customers in 68 additional countries, bringing the total global reach to 70 markets. Previously, PYUSD was only available in the US and the UK. This expansion allows users across regions like Asia-Pacific, Europe, Latin America, and North America to receive, hold, and send the stablecoin.
According to PayPal's head of crypto, May Zabaneh, this move provides users with faster access to funds, lower-cost cross-border money transfers, and better participation in the global economy. Furthermore, users in these newly supported markets will be able to earn rewards on their stablecoin holdings and maintain balances in their PayPal wallets, which was not possible in some regions previously due to mandatory immediate withdrawal to local bank accounts. PYUSD, issued by Paxos Trust, is currently the seventh-largest USD-pegged stablecoin with a market capitalization of about $4.1 billion.
(Source：Cointelegraph)