PayPal, one of the world’s leading online payment systems, expands access to its stablecoin PayPal USD (PYUSD) to users in 70 countries. Doing so will allow you to store, send, and receive assets within the platform.
This information was announced today, March 17, in an article in the economic magazine Fortune, which also included remarks from Vice President May Zabane. senior He is responsible for the company’s digital assets sector.
Until now, PayPal has not made any official announcement regarding the details of this expansion.
This enhancement represents, but does not imply, an expansion of functionality within the PayPal ecosystem. PYUSD was previously unavailable in these countries. Previously, stablecoins were available on platforms other than PayPal, for example. OKX, Bybit, KuCoin, Orca, Bitget, Crypto.com, Gate, BingX, Curve.
Previously, the ability to save PYUSD directly to your PayPal wallet was limited to users in the US and UK. With this update, customers in new markets can: Colombia, Peru, Uganda and more will be able to hold assets within the platform Used for transfers between users.
The article also mentions expansion to other countries in South America, Africa, and Asia, but does not specify which countries would be included at this time.
This initiative also brings related changes to the user experience. In many countries, users could only withdraw money in their local currency, with additional conversion and costs. With PYUSD, you can maintain balances in units pegged to the dollar and potentially reduce fees on international payments.
Additionally, PayPal indicated that Users outside the US will also be able to access benefits by holding stablecoinsSimilar to the 4% annual return that some users in that country currently receive.
This expansion will take place on the back of asset growth. As explained by CriptoNoticias, PYUSD is designed to maintain a 1:1 relationship with the US dollar. To maintain this peg, the asset is backed by dollar deposits, short-term U.S. Treasuries, and cash equivalents.
Although it bears the PayPal brand, it is important to remember that it is issued by Paxos Trust Company, a financial company specializing in digital asset infrastructure.
PYUSD’s market capitalization reached $4.098 billion, which has increased significantly since its founding in 2023.
PYUSD still fails to dominate the market
PayPal Cryptocurrency Not Yet Far from the market-dominant stablecoins such as USDT and USDCwith capital of $184 billion and $79 billion, respectively.
PayPal is also integrating PYUSD into various areas of its business. Institutional users such as YouTube can now choose to receive payments in this stablecoin through the company’s services. At the same time, the company experimented with international remittances between its own subsidiaries using PYUSD.
Expanding access to PYUSD strengthens PayPal’s strategy to position stablecoins as an international payments tool, especially in situations where cross-border transfers are costly.
However, the impact of this measure will depend on its effective implementation in each country. whether it translates well into actual use by users within the platform ecosystem;
(Tag Translate) Cryptocurrency
