The PayPal online payments giant has planned to extend the user base of its stablecoin on the back of US dollars by integrating the active in several of its products this year.
Bloomberg reports that the company based in California targets its more than 20 million small merchants to use Paypal USD (Pyusd) by giving them the possibility of using stablecoin to pay suppliers via the company’s invoice payment product which will be launched by the end of 2025.
Michelle Gill, the Director General of Small Businesses and Financial Services of Paypal, said that the idea is to encourage merchants to invite their suppliers to use the PayPal network for easier transactions.
“Many payments we are expecting will be cross-border because traders in the United States are looking to pay for sellers and suppliers abroad.
The thesis was: can we facilitate this on the Pyusd rails so as not to have the conversion of the currency, the friction, as well as the time? »»
PayPal also plans to add Pyusd as a global payment option for the hyperwallet payment platform, which the company bought for $ 400 million in 2018.
Hyperwallet, which allows organizations to send mass payments to entrepreneurs, freelancers and sellers around the world, will deploy Pyusd payments to the first half of this year. The report indicates that the company will also allow merchants to pay for payment transactions in cryptocurrencies by the end of the year.
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