PayPal is transforming its dollar-pegged stablecoin PYUSD into a global payments contender. According to a March 17 report by Fortune, the company has opened PYUSD access to users in 68 additional countries, expanding total reach to 70 nations. Previously, PYUSD wallet functionality—including holding, sending, receiving, and earning rewards—was limited to the United States and the United Kingdom. This massive rollout targets parts of Africa, South America, and Asia, where demand for dollar-denominated value storage and cheaper cross-border transfers is particularly high.
In newly supported countries, users can now directly hold PYUSD balances within their PayPal wallets, eliminating the need to convert funds into local currency or withdraw to bank accounts. They can also send and receive PYUSD both domestically and across borders, effectively bypassing the friction of traditional remittance channels that often add time and cost. May Zabaneh, PayPal's Senior Vice President and Head of Crypto, told Fortune: “Now you’re really opening up not only access—especially in places where they need it most—but also cross-border transfers and volume, where the pain is felt so high.”
Rewards and Real-World Use Cases
PayPal is also extending its rewards feature globally: U.S. users currently earn approximately 4% annually on PYUSD balances, a yield that could turn passive wallets into interest-bearing accounts. Zabaneh added that the update introduces both a “balance-type concept” and an “earnings concept” for users who previously had limited options for storing value inside PayPal accounts. A practical use case: a payment sent from New York to Lima no longer needs conversion into Peruvian soles on arrival, allowing recipients to keep funds in digital dollars. In markets like Malawi, where PayPal transfers historically required immediate bank withdrawals, users can now retain value within the platform in PYUSD.
Technical Expansion and Market Growth
PYUSD was launched in August 2023 in partnership with Paxos Trust Company and is 1:1 backed by U.S. dollar deposits, short-term U.S. Treasuries, and cash equivalents. The stablecoin has expanded beyond Ethereum to networks including Solana, Arbitrum, and Stellar, alongside interoperability layers that extend its reach to additional chains. Its market capitalization has climbed to about $4.1 billion, up from under $1 billion a year ago, placing it among the more established stablecoins used for payments and transfers. PayPal appears to be positioning PYUSD as a practical tool for everyday use—not just for trading—while competing with incumbents like USDC and USDT. The full list of newly added countries has not been released, and the rollout is expected to gradually appear in the PayPal app for eligible users.
Industry Outlook: Stablecoins to Power Global Payments
Wall Street legend Stanley Druckenmiller recently predicted that stablecoins will power the future of global payments within the next 10 to 15 years. PayPal’s expansion is a vivid illustration of this trend: faster settlement, lower fees, and fewer intermediaries compared with traditional financial rails. As PYUSD reaches 70 countries, users worldwide can expect more efficient and affordable cross-border money movement, signaling a paradigm shift in the payments landscape.