PayPal Expands PYUSD Stablecoin Integration to Serve 20 Million Merchants

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As per a latest Bloomberg Report, Payments behemoth PayPal is expanding its PYUSD stablecoin integration across more products this year with an aim to serve its 20 million merchants. The move will allow merchants to easily pay and receive payments in stablecoin through a new bill-pay feature. The plans were revealed during PayPal’s annual investor day, unveiling its new merchant product launches and offerings.

Michelle Gill, who leads PayPal’s small business and financial services unit, explained that the goal is to help merchants onboard more vendors for seamless transactions. She emphasized that PYUSD would reduce 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 noted.

Besides, PayPal plans to integrate PYUSD stablecoin into Hyperwallet this year. Hyperwallet, one of PayPal’s key acquisitions, allows businesses to send payments to freelancers, contractors, and sellers worldwide.

Marc Boiron, CEO of Polygon Labs, highlighted that stablecoins are booming with a current market cap of $216.26 billion, thanks in part to platforms like PayPal making them easier to use. Last October, PayPal completed its first transaction with its own stablecoin, showcasing its potential in commercial transactions.

Jose Fernandez da Ponte, PayPal’s senior VP of crypto, pointed out that the transaction highlighted other crypto use cases, noting that the speed and availability of settlement make it more attractive. He also mentioned that the current US administration is “very good for crypto” and that the US will soon catch up with the rest of the world.

By September 2024, PayPal’s PYUSD stablecoin crossed the $1 billion market cap, less than a year after its launch.