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PayPal is ramping up efforts to expand the use of its US-dollar-backed stablecoin, PYUSD, by integrating it into multiple products. The company aims to drive adoption among its vast network of merchants, making stablecoin transactions more accessible for businesses.
According to Bloomberg, PayPal plans to introduce PYUSD into its upcoming bill-pay service by late 2025. This initiative targets over 20 million small and medium-sized businesses, offering them an option to pay vendors using the stablecoin.
Michelle Gill, PayPal’s general manager for small business and financial services, emphasized the benefits of this approach. “A lot of the payments we’re expecting are going to be cross-border because merchants in the US are seeking to pay vendors and suppliers abroad,” she explained. The goal is to reduce currency conversion costs and transaction delays by leveraging PYUSD’s blockchain-based payment rails.
Beyond vendor payments, PayPal also plans to integrate PYUSD into its global payout service, Hyperwallet. Acquired for $400 million in 2018, Hyperwallet enables mass payments to freelancers, contractors, and sellers worldwide. The platform is set to introduce PYUSD payouts within the first half of this year, further solidifying the stablecoin’s role in cross-border transactions.
Additionally, PayPal intends to allow merchants to settle checkout transactions in cryptocurrencies by year-end. This move aligns with the company’s broader strategy of incorporating digital assets into mainstream payment solutions, making transactions more seamless for businesses and consumers alike.