PayPal wants to expand the use of its stablecoin PYUSD to include global payments through Hyperwallet as well as other products by 2025.
According to a recent Bloomberg report, PayPal is preparing to integrate its USD-pegged stablecoin, PayPal USD (PYUSD), into more of its products. The payment system provider claimed it plans to make PYUSD available for global payments through Hyperwallet. PayPal hopes to make PYUSD payouts live in the first half of 2025.
“A lot of the payments we’re expecting are going to be cross-border because merchants in the U.S. are seeking to pay vendors and suppliers abroad,” said general manager of PayPal’s small business and financial services group, Michelle Gill.
The financial technology firm aims to make PYUSD a payment option for more than 20 million merchants to pay vendors, within the U.S. and abroad, through its upcoming bill-pay product by the end of this year. Gill stated that the goal is to invite more vendors to join the PayPal network so that transactions become easier to facilitate.
“The thesis was: Can we facilitate that on PYUSD rails so as not to have the currency conversion, the friction, as well as time?” added Gill.
PayPal acquired Hyperwallet in 2018 at a value of $400 million. Hyperwallet is a San Francisco-based firm that provides a global payout platform that allows for localized, multi-currency distribution on a global scale. Through Hyperwallet, merchants will be able to accept PayPal crypto transactions by the end of 2025.
“We’ve been talking about blockchains for like a decade now — the concept of these things never becomes real until you actually can start to spend it,” said PayPal Chief Executive Officer Alex Chriss.
PayPal first launched its stablecoin in August 2023 on the Solana (SOL) and Ethereum (ETH) blockchain. Last month, PayPal made PYUSD accessible through the Cardano ecosystem. Last year, PayPal conducted the first business transaction using PYUSD.
