PayPal wants to boost the adoption of its USD-pegged stablecoin, PayPal USD (PYUSD), by integrating across its services.
According to Bloomberg, the payment giant is planning to introduce PYUSD as an option for its over 20 million small to medium-sized merchants to pay vendors before the end of 2025. This move is expected to align with its strategy of addressing all merchants’ needs through a single platform. The company stated that this option would enable merchants to process payments both domestically and internationally.
Michelle Gill, general manager of PayPal’s small business and financial services group, emphasized the rising demand for cross-border payments, noting that many U.S. merchants seek to pay suppliers abroad. “A lot of the payments we’re expecting are going to be cross-border because merchants in the U.S. are seeking to pay vendors and suppliers abroad,” Gill stated.
PayPal will leverage Hyperwallet, a global payout platform it acquired in 2018, to support the initiative. Hyperwallet specializes in localized, multi-currency distributions and facilitates mass payments for freelancers and contractors. By the end of 2025, PayPal aims to integrate Hyperwallet with its crypto services, enabling merchants to accept PYUSD payments.
The stablecoin’s integration will also extend to PayPal’s upcoming bill-pay product, which is set to launch by the end of this year. This new product will allow merchants to invite vendors onto the PayPal platform, further embedding PYUSD into everyday business transactions.
Commenting on the expansion, PayPal CEO Alex Chriss remarked, “We’ve been talking about blockchains for like a decade now — the concept of these things never becomes real until you actually can start to spend it.”
PayPal first introduced PYUSD on August 7, 2023, marking its entry into the stablecoin space. Issued by Paxos Trust Co., PYUSD is backed by U.S. dollar deposits, short-term Treasuries, and other liquid assets. Built on the Ethereum blockchain, the stablecoin enables seamless transfers between PayPal accounts and external wallets, peer-to-peer transactions, and crypto conversions. Users can also select PYUSD at checkout, integrating digital assets into everyday payments.
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