PayPal expands PYUSD access to Africa, 70 global markets

PayPal has announced the expansion of its dollar-backed stablecoin, PayPal USD, to users across 70 markets worldwide, including Africa.

The move is aimed at improving cross-border payments and increasing access to digital financial services.

According to a statement released by the company, the expansion means millions of PayPal consumers and merchants can now buy, hold, send and receive PYUSD directly through their PayPal accounts, helping to provide faster settlement times and lower-cost international transactions.

The company said the move comes as businesses and consumers increasingly seek seamless and affordable ways to transact globally in an increasingly digital economy.

Senior Vice President and General Manager of Crypto at PayPal May Zabaneh said the current global payment system remained expensive and slow for many users.

“Consumers and businesses around the world are looking for faster, more seamless ways to transact globally and the current system still charges too much, takes too long and settles on timelines that were designed for a different era,” she said.

She added that expanding PYUSD access to 70 markets would help users gain quicker access to funds and lower-cost methods for sending money across borders.

PayPal’s Senior Vice President and General Manager for the Middle East and Africa Otto Williams said the rollout in Africa was intended to support both consumers and businesses by reducing friction in international commerce.

“Bringing PYUSD to Africa is about delivering tangible value to the people and businesses driving growth in these dynamic markets,” said Williams.

He said consumers would benefit from a stable and flexible way to move funds faster while businesses could improve settlement times, streamline cross-border payments and access new growth opportunities.

Businesses accepting PYUSD will reportedly be able to access transaction proceeds within minutes instead of waiting days or weeks through traditional settlement systems, improving liquidity and working capital management.

According to company, the expansion follows the initial launch of PYUSD in the United States in 2023 and forms part of PayPal’s broader strategy to build a more inclusive global digital commerce ecosystem.

It further stated that the PYUSD reserves were fully backed by US dollar deposits, US Treasuries and similar cash equivalents.

“The stablecoin is issued by Paxos Trust Company, a regulated trust company supervised by the U.S. Office of the Comptroller of the Currency.

“PYUSD is now available across Africa, Asia-Pacific, Europe, Latin America, the Middle East and North America,” reads the statement.