The payment system PayPal (NASDAQ:PYPL) announced plans to integrate its stablecoin PYUSD into payment processes for 20 million small and medium-sized merchants. This initiative will develop in 2025 with the aim of uniting merchants on one platform, offering PYUSD as a new option for settlements.
As reported by PayPal senior executive Michelle Gill, the company expects to attract corporate clients who will be able to use their network for more convenient transactions. One of the key aspects of this move is accelerating international payments, eliminating the need for currency conversion, which will increase the speed and efficiency of processes.
In October last year, PayPal conducted its first business transaction using PYUSD. In the future, the company plans to implement the stablecoin in payments through Hyperwallet, a service for mass payments to contractors and freelancers. Hyperwallet will add support for PYUSD in the first half of 2025, as well as expand the ability to settle in other cryptocurrencies by the end of the year.
It is worth noting that PYUSD ranks 115th in the overall cryptocurrency ranking and 10th among stablecoins by market capitalization, which amounts to 703.6 million dollars.