PayPal has expanded availability of its dollar-backed stablecoin, PayPal USD (PYUSD), to 70 markets worldwide. Users in the newly supported markets can buy, hold, send, and receive PYUSD directly from their PayPal accounts, with eligible users earning rewards on their holdings. Businesses accepting PYUSD can access proceeds in minutes rather than the days or weeks typical of traditional payment methods.
The expansion follows PYUSD’s initial U.S. launch in 2023 and covers multiple regions including Asia-Pacific, Europe, Latin America, and North America. PYUSD is issued by Paxos Trust Company, regulated by the Office of the Comptroller of the Currency, with reserves fully backed by U.S. dollar deposits and Treasuries. The stablecoin maintains a fixed $1.00 exchange rate through PayPal and Venmo.
The broader rollout positions PayPal to compete in the growing cross-border payments space, where stablecoins offer faster settlement times and lower costs compared to traditional methods.