Payment giant PayPal plans to integrate its stablecoin PYUSD into more of its products for small and medium-sized businesses by the end of the year, according to Bloomberg.
Michelle Gill, head of the company’s small business and financial services division, clarified that the goal is to simplify payments between more than 20 million entrepreneurs and their suppliers through a unified platform.
To achieve this, PayPal is preparing a bill payment tool that will allow businesses to engage counterparties in the company’s cryptocurrency ecosystem. According to Gill, a significant number of these transactions will involve cross-border payments.
Using PYUSD will help avoid currency conversion, reduce transaction speed, and eliminate additional fees.
In the coming months, the company also plans to add support for its stablecoin for global payouts through the Hyperwallet service. By the end of the year, PayPal aims to implement cryptocurrency payment capabilities in its checkout operations.
According to the company’s CEO, Alex Chriss, the true potential of blockchain is realized only when users start spending digital assets, despite discussions on the technology’s application having continued for decades.
At the time of writing, the total market value of issued PYUSD stands at $703.55 million, according to DeFi Llama.
The daily trading volume is $36 million, according to CoinGecko. PYUSD ranks 10th in the service’s stablecoin category.
Back in September 2024, PayPal enabled corporate clients in the US to buy, hold, and sell cryptocurrencies directly from their business accounts.