PayPal expands PYUSD stablecoin service to 70 countries

PayPal has expanded its PYUSD stablecoin service to 70 countries, up from its previous availability in just the U.S. and the UK, Fortune reported. According to the report, users can send PYUSD and earn rewards on their holdings, with an annual yield of around 4% currently offered in the U.S. May Zabaneh, PayPal's head of crypto, explained that the company expects the expansion to increase PYUSD accessibility and cross-border transactions in high-demand regions. Fortune also noted that PYUSD allows users to maintain dollar-based assets while reducing the burden of traditional currency exchange and remittance fees. In some countries where funds could previously only be held in bank accounts, users can now hold them as a balance in their PayPal wallets through PYUSD. Meanwhile, PYUSD's market capitalization has grown more than fivefold over the past year to approximately $4.1 billion.