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PayPal expanded access to its PYUSD stablecoin to users in 70 markets.
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Customers in new regions can buy, hold, and transfer PYUSD within PayPal wallets.
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The stablecoin can enable faster and cheaper cross-border payments.
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PYUSD’s market capitalization has grown to over $4 billion.
PayPal Broadens Stablecoin Availability
PayPal has expanded the availability of its U.S. dollar-pegged stablecoin PYUSD to customers in 70 markets around the world.
Users in newly supported countries including Colombia, Peru, Costa Rica, and Singapore can now buy, hold, send, and receive PYUSD directly through their PayPal accounts.
The expansion significantly increases access to the stablecoin, which was previously available mainly to users in the United States and later in the United Kingdom.
Focus on Cross-Border Payments
PayPal said the expansion will help users access faster and cheaper international payments.
Stablecoins allow funds to move across borders more quickly than traditional banking systems. PayPal noted that businesses accepting PYUSD can receive funds within minutes instead of waiting days for traditional settlement processes.
The company also said eligible users in some of the newly supported markets can earn rewards on PYUSD balances.
Rapid Growth of PYUSD
PYUSD’s supply has increased significantly since its launch in 2023.
The stablecoin’s market capitalization has grown from about $1 billion last August to more than $4.1 billion today. The growth reflects broader expansion across the stablecoin sector as companies integrate these assets into payment systems.
PayPal has also introduced PYUSD into additional services such as creator payouts and trade finance settlements.
Stablecoin Market Still Dominated by Major Players
Despite its growth, PYUSD remains relatively small compared to leading dollar-pegged stablecoins.
The total stablecoin market supply currently stands at nearly $300 billion. Tether’s USDT accounts for about $184 billion of that supply, while USDC holds close to $80 billion.
