Users in newly supported countries can now hold PYUSD balances directly in their Paypal wallets rather than being forced to convert funds into local currency or withdraw to bank accounts. They can also send and receive PYUSD both domestically and across borders, effectively bypassing traditional remittance friction that often adds time and cost.
In markets such as Malawi, where Paypal transfers historically required immediate bank withdrawals, users can now retain value within the platform in PYUSD. PYUSD launched in August 2023 in partnership with Paxos Trust Company and is backed 1:1 by U.S. dollar deposits, short-term U.S. Treasuries and cash equivalents.
No full list of the newly added countries has been released, and the rollout is expected to appear gradually within the Paypal app for eligible users.
FAQ What is Paypal USD (PYUSD)?PYUSD is a U.S. dollar-pegged stablecoin issued by Paypal and backed 1:1 by cash and short-term Treasuries. How many countries now support PYUSD?PYUSD is now available in 70 countries after adding 68 new markets beyond the U.S. and U.K. What can users do with PYUSD in new countries?Users can hold, send, receive and earn rewards on PYUSD directly within their Paypal wallets. Why is Paypal expanding PYUSD globally?The expansion aims to reduce cross-border fees, improve payment speed and provide stable dollar access in emerging markets.
