Online payments giant PayPal is reportedly eyeing to expand the user base of its US-dollar-backed stablecoin by integrating the asset into several of its products this year.
Bloomberg reports that the California-based firm is targeting its more than 20 million small-to-medium-sized merchants to use PayPal USD (PYUSD) by giving them the option to use the stablecoin to pay vendors through the company’s bill-pay product that will be launched by the end of 2025.
PayPal’s small business and financial services group general manager Michelle Gill says the idea is to encourage merchants to invite their vendors to use the PayPal network for easier 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.
The thesis was: Can we facilitate that on PYUSD rails so as not to have the currency conversion, the friction, as well as time?”
PayPal also plans to add PYUSD as a global payment option for the payout platform Hyperwallet, which the company bought for $400 million in 2018.
Hyperwallet, which allows organizations to send mass payments to contractors, freelancers and sellers around the world, will roll out PYUSD payouts in the first half of this year. The report says the business will also enable merchants to settle checkout transactions in cryptocurrencies by the end of the year.
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