PayPal plans to integrate its stablecoin PYUSD into more products and services by 2025. The company aims to accelerate the adoption of PYUSD through its vast network of 20 million global merchants. PYUSD is defined as a system pegged to the US dollar at a 1:1 ratio. With this new initiative, PayPal intends to enhance the speed and accessibility of cryptocurrency payments.
PYUSD Expands Global Payment Systems
PayPal aims to introduce PYUSD usage to 20 million small and medium-sized enterprises. The company plans to improve invoice payment systems, allowing suppliers to receive payments in PYUSD. This development could streamline transaction processes, especially in cross-border payments, reducing currency conversion and additional costs.
Michelle Gill, PayPal’s Senior Vice President, indicates that merchants are seeking fast and low-cost methods for paying overseas suppliers. The integration of PYUSD aims to eliminate currency exchange processes, offering a more efficient payment infrastructure.
Hyperwallet Integration Simplifies Payments
PayPal is set to utilize its Hyperwallet platform, bought for $400 million in 2018, for PYUSD payments. This integration will facilitate bulk payments for freelancers and contract workers, set to launch in the first half of 2025.
