PayPal Expands Stablecoin Offering To 70 Countries Worldwide

PayPal (NASDAQ:PYPL) is expanding its PYUSD stablecoin (CRYPTO: PYUSD) to 70 markets worldwide, enabling users to skip cross-border transfer fees and bank withdrawal requirements. The 70-Country Expansion Customers in 70 nations can now hold PYUSD in their PayPal wallets, up from only the U.S. and U.K. previously. The expansion includes Uganda, Colombia, Peru, Singapore, Guatemala, and new additions across South America, Africa, and Asia, Fortune reported on Tuesday. “Now you’re really opening up not only access—especially in places where they need it most—but also cross-border transfers and volume, where the pain is felt so high,” said May Zabaneh, senior vice president and head of crypto at PayPal. How It Skips Bank Fees Currently, PayPal users in countries like Peru can only withdraw money in their native currency. If a New Yorker sends $10 to someone in Lima, the Peruvian user pays a cross-border transfer fee and must take out money in Peruvian sol. The ability to send and receive PYUSD enables users to keep funds in what are essentially U.S. dollars and reduce transfer fees. Users abroad can also earn rewards on stablecoin holdings, with existing U.S. holders earning 4% annually. Some countries like Malawi don’t let users keep money transfers in PayPal wallets. Once one Malawian sends money to another, that cash immediately goes to the recipient’s bank account. Opening access to PYUSD lets users keep money in PayPal wallets instead of only bank accounts. The Merchant Settlement Advantage Merchants using PYUSD can access payment proceeds within minutes rather than waiting days for traditional settlement cycles, potentially improving liquidity for cross-border commerce. “You’re lowering costs, you’re enhancing speed, you’re providing consumers as well as businesses the ability to hold, spend and earn,” Zabaneh told CoinDesk. PYUSD market cap has more than quintupled over the past year to $4.1 billion. The token is backed by dollar deposits and short-term Treasuries, issued by Paxos under U.S. regulatory oversight. PayPal introduced PYUSD in the U.S. in 2023. PYPL Tests Key $48 Resistance PayPal is attempting a recovery after a savage selloff from $79 down to $38.43. The Fibonacci retracement shows price sitting right at the 0.236 level at $44.40, the first meaningful retracement zone. Bulls need to clear this convincingly before eyeing $48.10 (0.382 Fib), the first real resistance test. The 0.50 mark sits at $51.09, with the golden ratio at $54.08 where most recoveries stall. Bollinger Bands show notable contraction with price hugging the lower-to-mid band range. Upper band at $49.06, mid at $44.95, lower at $40.85. A breakout above $49.06 would be the first genuinely bullish signal in months. Image: Shutterstock