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 …