PayPal Expands PayPal USD (PYUSD) to 70 markets worldwide, including several African countries.
US online payments giant PayPal has taken a new step in its crypto strategy by expanding PayPal USD (PYUSD) to 70 markets worldwide, including several African countries.
Users in newly supported markets can buy, hold, send, and receive PYUSD directly from their PayPal account. Additionally, eligible users can earn rewards on their PYUSD holdings. They can transfer funds to friends and family, whether on PayPal or to third-party digital wallets. Users can as well convert PYUSD to local currency when withdrawing funds for everyday spending.
Businesses that accept PYUSD can use proceeds in minutes rather than days or weeks. This will drastically improve liquidity and reduce reliance on traditional settlement cycles. Faster access to funds can help businesses manage working capital, support cross-border operations, and participate in global commerce.
May Zabaneh, Senior Vice President and General Manager of Crypto, PayPal, said, ” Consumers and businesses around the world are looking for faster, more seamless ways to transact globally. The current system still charges too much. Current systems take long, and settle on timelines designed for a different era. We are working to change that. Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds. And also lowering the cost ways to send money across borders. Its a more direct path to participating in the global economy, and that is what drives commerce forward for everyone.”
PYUSD is now broadly available across multiple global regions, including Africa, Asia-Pacific, Europe, Latin America, The Middle East, and North America.
“Bringing PYUSD to Africa is about delivering tangible value to the people and businesses driving growth in these dynamic markets,” said Otto Williams, Senior Vice President and General Manager of the Middle East and Africa, PayPal. “Consumers gain a flexible, stable way to move funds faster. Businesses can streamline cross-border payments, improve settlement times, and unlock new opportunities for growth. By increasing access to a regulated, USD-backed digital currency, we’re breaking down barriers and helping reduce friction in global commerce across the region.”
Read Also: African Fintech Hubs,Target The Middle East For Global Growth
A regulated stablecoin backed by the US dollar
PayPal USD is issued by Paxos Trust Company, N.A. A fully-chartered trust company regulated by the Office of the Comptroller of the Currency (OCC). Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD. PayPal, Inc. (NMLS ID #: 910457) is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services.
PayPal has been revolutionizing commerce globally for more than 25 years. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy.
