Payments giant PayPal is widening access to its US-dollar stablecoin, PayPal USD (PYUSD), adding 68 markets so the stablecoin will be available in 70 countries in March, allowing customers to receive, hold and send PYUSD, the company announced Tuesday.
PYUSD will be accessible to PayPal account holders across regions including Asia-Pacific, Europe, Latin America and North America. Previously, only customers in the United States and the United Kingdom could hold the stablecoin.
“Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy,” PayPal head of crypto May Zabaneh said.
Alongside enabling PYUSD transactions, users in newly supported markets can earn rewards on their stablecoin holdings. The rollout also supports transactions to third-party digital wallets.
Currently, some PayPal users—for example in Peru—can only withdraw funds in their local currency, incurring cross-border fees. After the update, users will be able to send, receive and hold funds in US dollars and reduce transfer fees, Zabaneh told Fortune.
In countries like Malawi, where users cannot retain transfers in PayPal wallets and must immediately send funds to a bank account, PYUSD access will allow funds to remain in wallets. “It unlocks a balance-type concept in these accounts and an earnings concept,” Zabaneh said.
PYUSD is issued by Paxos, with PayPal acting as distributor. The stablecoin launched in collaboration with Paxos in August 2023.
PYUSD has become one of the largest USD-pegged stablecoins, ranking seventh by market capitalization at about $4.1 billion, according to CoinGecko. It saw significant growth in 2025, with market cap rising roughly 600% from around $500 million early in the year to about $3.6 billion by year-end.
Cointelegraph contacted PayPal for comment about the expansion but had not received a response by publication.
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