PayPal Plans to Integrate PYUSD Stablecoin into 20 Million Businesses
The competition for stablecoin market share is intensifying, with PayPal USD (PYUSD) targeting greater merchant adoption. PayPal plans to integrate PYUSD into 20 million small and medium-sized businesses by 2025.
Key Developments
- PYUSD launched in August 2023, initially on Ethereum.
- Support added for the Solana blockchain in May 2024.
- Expanded to Cardano in January 2024.
- Market cap peaked over $1 billion but fell to approximately $704 million due to market conditions.
- Focus on facilitating international transactions for US merchants to avoid currency conversion issues.
- PYUSD will be integrated into Hyperwallet for mass payouts in 2024.
- Plans to enable cryptocurrency settlements for PayPal checkout by the end of 2025.
PayPal aims to enhance PYUSD's utility for everyday transactions and cross-border payments, reflecting a strategic pivot towards digital asset integration in its services.