Payments giant PayPal is expanding access to its US-dollar stablecoin, PayPal USD, adding 68 more markets globally in its latest stablecoin push.
PayPal USD (PYUSD) will be made available to customers in 70 countries worldwide in March, allowing them to receive, hold and send the stablecoin, the company announced Tuesday.
With the expansion, PYUSD is now available to users with PayPal accounts across multiple regions, including the Asia-Pacific, Europe, Latin America and North America. Previously, only customers in the United States and the United Kingdom could hold the stablecoin.
“Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy,” PayPal head of crypto May Zabaneh said.
Expansion unlocks “balance-type concept” with rewards
Alongside enabling PYUSD transactions, users in newly supported markets can earn rewards on their stablecoin holdings. The expansion supports transactions to third-party digital wallets, the announcement states.
Currently, PayPal users in select countries such as Peru can only withdraw money from their accounts in their country’s native currency, which carries cross-border fees. After the update, users will be able to send, receive and keep funds in US dollars and reduce transfer fees, Zabaneh told Fortune in an interview.
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Some countries, such as Malawi, don’t allow users to keep transfers in their PayPal wallets, essentially forcing all funds to be immediately sent to the recipient’s bank account. With PYUSD access, users will be able to keep that money in their PayPal wallets.
“It unlocks a balance-type concept in these accounts and an earnings concept,” Zabaneh said.
PYUSD is issued by Paxos, PayPal distributes
The expansion comes nearly three years after PayPal launched its PYUSD stablecoin in collaboration with the issuer Paxos Trust in August 2023.
The stablecoin has emerged as one of the largest USD-pegged stablecoins worldwide, ranking as the seventh-largest with a market capitalization of around $4.1 billion, according to CoinGecko.
PYUSD saw significant growth in 2025, with its market cap rising 600% from around $500 million in early 2025 to $3.6 billion by the end of the year.
Cointelegraph contacted PayPal for comment about the expansion, but had not received a response by publication.
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