PayPal expands PYUSD stablecoin access to 70 markets
The Facts
- PayPal expanded access to its dollar-backed stablecoin, PYUSD, to 70 markets worldwide.
- Before this expansion, PYUSD holdings were available only to users in the United States and the United Kingdom.
- Users in newly supported markets can buy, hold, send and receive PYUSD through their PayPal accounts.
- PayPal said the expansion covers markets across South America, Africa and Asia, including Uganda, Colombia and Peru.
- PayPal said the rollout is meant to support faster and lower-cost cross-border payments.
- Some reports said users in supported markets can also convert PYUSD into local currency and transfer it to third-party digital wallets.
- Reports said PayPal users abroad can earn rewards on PYUSD holdings, while U.S. holders earn 4% annually.
Context
What is PYUSD?
PYUSD is PayPal’s dollar-backed stablecoin, meaning it is designed to track the value of the U.S. dollar Fortune,Cointelegraph,Prensa Libre.
What can users do with PYUSD in the newly supported markets?
According to the reports, eligible users can buy, hold, send and receive PYUSD in their PayPal accounts, and some sources say they can also convert it to local currency or move it to external digital wallets CoinDesk,FXStreet,Fintech Singapore.
Why does PayPal say it is expanding PYUSD now?
PayPal says the expansion is aimed at giving users faster access to funds and lower-cost ways to send money across borders, especially for international commerce and remittances Fortune,Cointelegraph,La Nación, Grupo Na…,El Nacional.
The receipts — all 43 sources
Wire services (2)
Independent coverage (41)
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