PayPal has rolled out its dollar-backed stablecoin PYUSD to users in 70 markets worldwide, marking the most significant expansion since the token launched in the United States in 2023.

What's New

Users in newly supported countries can buy, hold, send, and receive PYUSD directly through their PayPal accounts. The token can be transferred to third-party crypto wallets or converted to local currency for everyday spending. Eligible users can also earn rewards on their holdings.

For merchants, the update means payment proceeds arrive in minutes rather than waiting days for traditional settlement cycles — a meaningful improvement for businesses managing cross-border operations and working capital.

Stablecoin at Scale

PYUSD currently holds a market cap of roughly $4 billion, ranking it seventh among stablecoins. The token is backed by U.S. dollar deposits and short-term Treasury securities, and is issued by Paxos under U.S. regulatory oversight.

"The current system still charges too much, takes too long, and settles on timelines that were designed for a different era," said May Zabaneh, PayPal's Senior VP and General Manager of Crypto. "Enabling PYUSD in users' accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders."

The rollout covers Asia-Pacific, Europe, and Latin America, with countries including Singapore, the UK, Peru, and Guatemala in the initial wave. Additional markets are expected in coming weeks.

Why It Matters

PayPal operates one of the world's largest consumer payment networks, with over 400 million active accounts. Embedding a live stablecoin into that distribution infrastructure — alongside rivals like Tether's USDT ($143B market cap) and Circle's USDC ($78B) — represents one of the largest real-world stablecoin deployments to date. The broader stablecoin market now exceeds $300 billion in total supply.