Payments giant PayPal (NASDAQ: $PYPL) is expanding access to its U.S. dollar-backed stablecoin, PYUSD, to 70 new markets around the world.
The financial technology company said that it is extending the reach of its stablecoin beyond the U.S. as it pushes for global adoption of digital payments.
The new markets include several countries in Asia, Europe and Latin America, such as Singapore, the United Kingdom, Peru and Guatemala.
Consumers in the new countries will be able to buy, hold, send and receive PYUSD directly through their PayPal accounts, said the company in a written statement.
Users will also have the option to transfer the PYUSD (CRYPTO: $PYUSD) stablecoin token to third-party crypto wallets or convert it to local currencies when withdrawing funds.
Stablecoins are cryptocurrencies pegged to another asset, typically the U.S. dollar or price of gold.
Within the cryptocurrency sector, stablecoins are taking off as they are seen as a secure and reliable form of payment. They also lead to faster cross-border transfers.
The sector is currently dominated by Tether’s USDT (CRYPTO: $USDT) and Circle Internet Group’s (NYSE: $CRCL) USDC (CRYPTO: $USDC) stablecoins. However, PayPal is looking to gain market share in the fast-growing space.
Stablecoins are also being adopted by credit card giants Visa (NYSE: $V) and Mastercard (NYSE: $MA), which are each racing to integrate stablecoins into their global networks.
Merchants using PayPal’s PYUSD stablecoin can access payment proceeds within minutes rather than waiting days for traditional settlement, improving liquidity across borders.
PayPal first introduced PYUSD in the U.S. in 2023. The token is backed by U.S. dollar deposits and short-term Treasuries (government bonds).
PYPL stock has declined 35% in the last 12 months to trade at $45.42 U.S. per share.
COMTEX_475442347/2797/2026-03-17T16:01:20