PayPal Prepares to Expand PYUSD Stablecoin Across Products: Report

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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

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PayPal to Expand PYUSD Stablecoin Across Products: Report

Global payments behemoth PayPal is expanding its native PYUSD stablecoin integration into more of its products this year. The move aims to meet PayPal’s 20 million merchants’ needs under one roof, Bloomberg reported.

The expansion makes it easier for merchants to pay and get paid in stablecoin through its upcoming bill-pay feature.

On Tuesday, PayPal touted its ambitious plans during its annual investor day, unveiling its new merchant product launches and offerings.

Michelle Gill, who heads PayPal’s small business and financial services unit, noted that the goal is to enable merchants to onboard more vendors into PayPal for seamless transactions. He emphasized that PYUSD rails would cut currency conversion fees and payment delays.

“A lot of the payments we’re expecting are going to be cross-border because merchants in the US are seeking to pay vendors and suppliers abroad,” he told the publication.

PYUSD is Coming to Hyperwallet in 2025

Further, the payments platform is planning to bring PYUSD stablecoin to Hyperwallet this year. Hyperwallet payouts, one of PayPay’s strategic acquisitions, enable businesses to send payments to freelancers, contractors and sellers globally.

PYUSD integration serves as an option for turning stablecoins into a global payments system, eliminating the dependence on traditional banks.

“We’ve been talking about blockchains for like a decade now. The concept of these things never becomes real until you actually can start to spend it,” Alex Chriss, President and CEO of PayPal, told Bloomberg in an interview.

According to Marc Boiron, CEO of Polygon Labs, stablecoins are in surge with its current $216.26 billion market cap. Thanks to payments platforms like PayPal that are making them easier to work with, he added.

PayPal’s First Successful Stablecoin Business Payment

Last October, PayPal successfully carried out its first transaction using its proprietary stablecoin. The move intended to demonstrate stablecoin usage in commercial transactions.

Jose Fernandez da Ponte, PayPal’s senior VP of crypto unit, noted that the payment demonstrated other use cases for cryptos. “The speed and availability of settlement with this use case is far more attractive,” he said at the time.

da Ponte told Fortune on the sidelines of the investor day that the current Trump administration is “very, very good for crypto.”

“The environment in the US has changed quite a bit. In the next year, we’re going to be allowing the US to catch up with the rest of the world,” he added.

In September 2024, PYUSD stablecoin reported crossing the $1 billion market cap milestone in less than a year since its launch.

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