Singapore businesses are among the latest users to gain access to PayPal USD as PayPal expands the stablecoin to 70 markets. The stablecoin will not be available to retail users in Singapore.
PYUSD, PayPal’s US dollar-backed stablecoin, is being made available through PayPal accounts across Asia-Pacific, Europe, Latin America and North America.
PayPal said users in newly supported markets can buy, hold, send and receive PYUSD directly from their PayPal accounts, subject to local regulations and product availability.
Eligible users can also transfer PYUSD to friends and family through PayPal or third-party digital wallets, and convert it into local currency when withdrawing funds.
For businesses that accept PYUSD, PayPal said proceeds can be used in minutes rather than days or weeks, helping improve liquidity and support working capital needs.
May Zabaneh, Senior Vice President and General Manager of Crypto at PayPal, said,
“Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy, and that is what drives commerce forward for everyone.”
PYUSD was launched in the United States in 2023. PayPal said the expansion is part of its broader push to grow the stablecoin’s use in global commerce.
Available markets include Colombia, Costa Rica, the Dominican Republic, the Faroe Islands, Greenland, Guatemala, Honduras, Panama, Peru, Singapore, the United Kingdom and the United States.
PayPal said users in the remaining markets will gain access to PYUSD in the coming weeks.
Rewards on PYUSD holdings will not be available to users in Singapore or the United Kingdom.
Featured image: Edited by Fintech News Singapore, based on image by jannoon028 via Freepik
