PayPal has made its own digital currency available to users in 70 countries, in a push to make sending money across borders faster and cheaper.
The currency, called PayPal USD (PYUSD), is a stablecoin, a type of cryptocurrency designed to hold a fixed value by being pegged one-to-one to the US dollar, avoiding the wild price swings associated with currencies like Bitcoin.
Users in supported markets can buy, hold, send and receive PYUSD directly from their existing PayPal account, convert it to local currency for spending, and transfer it instantly to other people or digital wallets.
The move is aimed squarely at the frustrations of international money transfers, where transactions can take days to settle and fees can be significant.
PayPal said businesses accepting PYUSD can access funds within minutes rather than waiting days or weeks, which frees up cash that would otherwise be tied up in the system.
"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 vice president for crypto.
PYUSD was first launched in the United States in 2023 and is regulated under US federal rules.
The expansion now covers regions including Asia-Pacific, Europe, Latin America and North America, with specific countries including Singapore, the United Kingdom, Colombia, Panama and Peru among those newly added.
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PayPal said users in markets not yet included would gain access within the coming weeks.
The company joins a growing number of financial firms exploring stablecoins as a practical alternative to conventional payment networks.
The recap
- PayPal is making PYUSD available in 70 markets worldwide.
- PYUSD is a US federally regulated dollar-backed stablecoin.
- Remaining markets will receive PYUSD access in the coming weeks.