PayPal is expanding access to PYUSD stablecoin to 70 countries: report
PayPal is expanding access to statcoin PYUSD to 70 countries, including regions across South America, Africa and Asia, where previously only users in the US and UK could hold it, Fortune reported on Tuesday.
Users can send, receive and store PYUSD while earning rewards, US users earn around 4% annually.
The move will reduce high cross-border fees, allow users to keep USD-pegged assets instead of converting to local currency, and introduce wallet accounts in countries where funds previously had to be withdrawn immediately.
PYUSD supports cross-border payments, such as transfers from the US to Peru, allows holding digital dollar balances in emerging markets, and is used for business payments and internal transfers.
In the year Since its launch in 2023, PYUSD's market capitalization has grown from a small starting point to $4.1 billion and is now the seventh largest stable coin in the world, CoinGecko data shows.
Disclosure: This article was edited by Vivian Nguyen. See our Editorial Policy for more information on how we create and review content.
