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PayPal aims to broaden the scope of its USD-pegged stablecoin PYUSD as it plans to integrate it into more products including global payments through Hyperwallet. According to Bloomberg PayPal intends to make PYUSD payouts live by the first half of 2025 targeting cross-border transactions to facilitate payments to vendors and suppliers outside the U.S. Michelle Gill general manager of PayPal’s small business and financial services highlighted the focus on reducing currency conversion friction and processing time.
With the acquisition of Hyperwallet in 2018 for $400 million PayPal is set to enable merchants to accept crypto transactions globally by the end of 2025. This initiative aims to encompass over 20 million merchants using PayPal for both domestic and international vendor payments. The upcoming bill-pay product expected by the year’s end seeks to enhance PayPal’s network by inviting more vendors to participate.
Since launching its stablecoin on the Solana and Ethereum blockchains in August 2023 PayPal has recently extended PYUSD accessibility through the Cardano ecosystem. PayPal CEO Alex Chriss emphasized the realization of blockchain benefits as users begin to transact with PYUSD marking a significant milestone in the fusion of traditional and digital payment systems.
