PayPal Expands PYUSD Usage in Business Environment
Date: 2025-02-27 Author: Gabriel Deangelo Categories: BUSINESS
PayPal intends to expand the use of its own stablecoin PYUSD in the small and medium-sized business sector, Bloomberg reports. By the end of the year, the company plans to implement it in new products, which should simplify financial transactions for more than 20 million entrepreneurs.
According to Michelle Gill, head of the company's small business and financial services division, the main goal of the initiative is to optimize payments between companies and their suppliers on a single platform. As part of this project, PayPal is developing a tool for paying bills that will facilitate the transition of business clients to the cryptocurrency ecosystem. A significant portion of these transactions are expected to be related to international transfers.
Using PYUSD will avoid currency conversion costs, speed up settlements and reduce commission fees. In addition, PayPal plans to implement support for the stablecoin for cross-border payments through the Hyperwallet service in the coming months. The company also plans to implement cryptocurrency payments in cash transactions by the end of the year.
The company's CEO Alex Chriss believes that the true potential of the blockchain will be revealed only when digital assets begin to be used in everyday payments. In his opinion, despite many years of discussions about the technology, its practical application is still in its early stages.
According to DeFi Llama, the total market value of issued PYUSD is currently $703.55 million. CoinGecko reports that the daily trading volume of the stablecoin reaches $36 million, and it ranks tenth in the stablecoin ranking.
Earlier, in September 2024, PayPal gave corporate clients in the United States the ability to buy, store, and sell cryptocurrency directly through their business accounts.
