Nikolas Sargeant
PayPal is broadening the integration of its PYUSD stablecoin across more products this year, aiming to serve its 20 million merchants' needs under one platform, according to Bloomberg.
The expansion will enable merchants to pay and receive payments in stablecoin through an upcoming bill-pay feature, streamlining cross-border transactions and reducing costs.
Creating a Seamless Merchant Experience
During its annual investor day on Tuesday, PayPal outlined ambitious plans for new merchant product launches and offerings. Michelle Gill, head of PayPal's small business and financial services unit, explained that the goal is to help merchants onboard more vendors into the PayPal ecosystem for frictionless transactions.
"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," Gill told Bloomberg, highlighting that PYUSD rails would eliminate currency conversion fees and payment delays.
PayPal's President and CEO Alex Chriss emphasized the practical application of blockchain technology: "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."
PYUSD Coming to Hyperwallet in 2025
The payments giant plans to integrate its PYUSD stablecoin into Hyperwallet this year. Hyperwallet, one of PayPal's strategic acquisitions, enables businesses to send payments to freelancers, contractors, and sellers globally.
This integration offers an alternative to traditional banking systems by transforming stablecoins into a global payments network. Marc Boiron, CEO of Polygon Labs, noted that stablecoins are surging with a current market cap of $216.26 billion, partly due to payment platforms like PayPal making them more accessible.
In September 2024, PYUSD stablecoin surpassed the $1 billion market cap milestone in less than a year since its launch, demonstrating significant adoption. Last October, PayPal also completed its first business transaction using its proprietary stablecoin, showcasing practical commercial applications for cryptocurrencies.
