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PayPal is planning to expand the use of its stablecoin, PYUSD, to support global payments through its Hyperwallet platform and other products by 2025. Specifically, PayPal is preparing to integrate this stablecoin into its services to facilitate cross-border transactions, especially as U.S. merchants increasingly seek to pay international vendors and suppliers. One of their key goals is to launch PYUSD payouts via Hyperwallet in the first half of 2025.
Michelle Gill, the general manager of PayPal’s small business and financial services group, shared that they expect a significant number of cross-border transactions in the future, as many U.S. merchants want to make payments to overseas partners without dealing with currency conversion issues or long delays. To address this, PayPal hopes that using PYUSD will eliminate the complexities of currency exchange and ensure that transactions happen quickly and efficiently.
Additionally, PayPal plans to make PYUSD a payment option for more than 20 million merchants worldwide, allowing them to pay vendors both domestically and internationally through its upcoming bill-pay product, expected to launch by the end of this year. PayPal believes this will expand their user network and make transactions easier for everyone involved.
Another important aspect is the development of Hyperwallet, the global payment platform that PayPal acquired in 2018 for $400 million. Hyperwallet enables multi-currency distribution and localized payments on a global scale, which will allow merchants to accept PYUSD transactions by the end of 2025.
PayPal’s CEO, Alex Chriss, also commented on the significance of blockchain in making payment systems like PYUSD a reality. He emphasized that although blockchain technology has been discussed for over a decade, it truly becomes meaningful once it can be used for actual spending.
PayPal first launched PYUSD in August 2023, initially on the Solana and Ethereum blockchains. Last month, PayPal made PYUSD accessible through the Cardano ecosystem, signaling its ongoing expansion. Additionally, PayPal carried out its first business transaction using PYUSD last year, further solidifying its commitment to integrating stablecoins into global commerce and payment systems.
