PayPal is expanding access to its U.S. dollar-pegged stablecoin to customers in 70 markets, the company announced Tuesday. Users in newly supported regions, including Colombia, Costa Rica, Peru, and Singapore, can now buy, hold, send, and receive PayPal USD (PYUSD) directly in their PayPal accounts.
Eligible users in the newly added regions can earn rewards on their PYUSD holdings, though the company noted that rewards are not available to users in Singapore or the UK. PYUSD will only be available to business account holders in Singapore, according to a statement.
PYUSD was launched in the U.S. in the summer of 2023 following a brief pause tied to regulatory scrutiny of its issuance partner, Paxos Trust Co. The stablecoin was initially issued on Ethereum before expanding to additional networks, including Tron, Avalanche, and Sei via LayerZero in September. Prior to the latest expansion, only users in the U.S. could hold the token directly in PayPal wallets, with the UK added later.
Under the new rollout, users in markets such as Colombia and Peru can access the stablecoin to facilitate cross-border transfers. The company said the stablecoin enables faster settlement and lower costs compared to traditional payment methods. Businesses accepting PYUSD can access proceeds within minutes rather than days or weeks, according to the firm.
"Enabling PYUSD in users' accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy." May Zabaneh, senior vice president and general manager of crypto at PayPal, said in the statement.
The geographic expansion comes as PYUSD’s market capitalization has risen to $4.12 billion, up from about $1 billion in August, a roughly fourfold increase over that period, according to The Block’s data dashboard.
The token's supply has grown amid broader expansion in the stablecoin sector and as PayPal has integrated PYUSD into new business verticals. Last year, the company enabled U.S.-based YouTube creators to receive payouts in PYUSD through its Hyperwallet infrastructure.
In March, Coinbase and Paxos used USDC and PYUSD, respectively, to settle insurance premiums with Aon, marking a pilot for stablecoin-based payments at a global broker operating in more than 120 countries. Trade finance provider TCS Blockchain has also used PYUSD to support same-day funding and onchain settlement for trucking invoices.
Despite the growth, PYUSD remains a small share of the dollar-pegged stablecoin market. Total supply stands at around $298.4 billion, with USDT accounting for about $184 billion and USDC nearly $80 billion.
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