PayPal is sharply expanding the countries where it offers its stablecoin, PYUSD. As a result, starting in March, customers in 68 more countries, following the United States and Britain, will be able to hold PYUSD in PayPal wallets, Fortune reported on Tuesday.
Eligible countries include those in South America, Africa and Asia, such as Uganda, Colombia and Peru. Overseas users can earn rewards in addition to holding PYUSD. Existing U.S. users are paid 4 percent a year.
May Zabaneh (메이 자바네), senior vice president of PayPal's crypto business, said, "Now it is not just about accessibility. In terms of cross-border transfers and transaction scale as well, it will resolve things that people are experiencing major inconvenience with."
Currently, PayPal users in some countries, including Peru, can withdraw only in their local currency. If a user in New York sent $10 via PayPal to someone in Lima, the recipient had to pay a cross-border transfer fee and receive it in Peruvian sol. Zabaneh said that once sending and receiving PYUSD becomes possible, users can effectively hold funds in dollars and reduce transfer fees.
Chi-gyu Hwang
delight@d-today.co.kr