PayPal Expands PYUSD Adoption

PayPal is aggressively integrating its stablecoin, PYUSD, across various products to enhance crypto payments in business transactions. During its investor day event, the company announced that merchants, freelancers, and global sellers would soon be able to transact using PYUSD.

PYUSD in Bill Payments

A new bill-pay feature using PYUSD will enable over 20 million small to medium-sized businesses to pay their vendors directly with the stablecoin. Michelle Gill, head of PayPal’s small business unit, noted that the majority of these payments are expected to be cross-border, eliminating currency conversion fees and delays.

Integration with Hyperwallet

PayPal is also bringing PYUSD to Hyperwallet, its mass payment service. This feature, set to launch within the year, aims to make global payments quicker and cheaper for freelancers and contractors, bypassing traditional banking fees.

CEO Alex Chriss emphasized that crypto payments are becoming a reality and reiterated the need for practical applications of blockchain technologies.

Transforming Venmo into a Business Platform

At the investor day, Chriss detailed plans to evolve Venmo from a peer-to-peer platform into a significant business payment tool. The company anticipates Venmo revenue will exceed $2 billion by 2027, with partnerships featuring major brands like DoorDash and Starbucks. Venmo’s adoption is rising, demonstrated by a 50% increase in merchants using the “Pay with Venmo” option.

Despite significant stock declines, Chriss aims to restore growth through improved transaction margins and strategic partnerships, as Venmo continues to expand its role in crypto and online commerce.