PayPal’s got ambitious plans for its stablecoin, PayPal USD (PYUSD), aiming to weave it into more of its products and take it global by 2025. A recent Bloomberg report spilled the details: the payment giant wants to roll out PYUSD for cross-border transactions via Hyperwallet, its global payout platform, with payouts expected to go live in the first half of next year.
Michelle Gill, PayPal’s general manager for small business and financial services, explained the push. “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,” she said. The goal? Slash the hassle of currency conversions and speed things up for businesses.
By year-end, PayPal’s eyeing a broader rollout, hoping to make PYUSD a payment option for over 20 million merchants through a new bill-pay product—both for U.S. vendors and those overseas. Gill said it’s all about growing the network: “The thesis was: Can we facilitate that on PYUSD rails so as not to have the currency conversion, the friction, as well as time?” More vendors on board means smoother, faster deals.
Hyperwallet, which PayPal snapped up for $400 million back in 2018, is key to this plan. The San Francisco-based outfit specializes in multi-currency payouts worldwide, and by the end of 2025, it’ll let merchants accept crypto transactions via PayPal. CEO Alex Chriss put it bluntly: “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.”
