PayPal is set to expand the reach of it USD-pegged stablecoin, PayPal USD (PYUSD).
According to a Bloomberg report dated 26 February 2025, PayPal aims to offer its stablecoin, PYUSD, as an option for its more than 20 million small-to-medium sized merchants to pay vendors through its upcoming bill-pay product by the end of this year.
Commenting on the development, Michelle Gill, general manager of PayPal’s small business and financial services group said, “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. The thesis was: Can we facilitate that on PYUSD rails so as not to have the currency conversion, the friction, as well as time?”
PayPal first launched its stablecoin in August 2023 on the Solana and Ethereum blockchain.
Today, we’re unveiling a new stablecoin, PayPal USD (PYUSD). It’s designed for payments and is backed by highly liquid and secure assets. Starting today and rolling out in the next few weeks, you’ll be able to buy, sell, hold and transfer PYUSD. Learn more https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
— PayPal (@PayPal) August 7, 2023
Like PayPal, Crypto.com And Kraken Launch Stablecoins
Crypto exchanges Crypto.com and Kraken may introduce their proprietary stablecoins soon. This strategic decision may be a response to the European Union’s Markets in Crypto-Assets (MiCA) regulations, which require exchanges to comply with strict rules regarding the use of stablecoins within the region.
A Bloomberg report dated 20 February 2025 hinted at new entrants like Crypto.com and Kraken wanting “in on the game” of running a stablecoin business, which is highly profitable these days.
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Key Takeaways
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Built on the Ethereum (ETH) and Solana (SOL) blockchains, the PayPal’s stablecoin has already gained traction within the crypto ecosystem.
PayPal’s decision to expand PYUSD for global payments represents a bold step toward integrating blockchain technology into mainstream financial systems.
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