• PayPal expanded its PYUSD stablecoin to 70 global markets, including several African countries.
• The company aims to reduce the cost and settlement time of cross-border payments through blockchain-based transactions.
• The World Bank estimates that Sub-Saharan Africa remains the world’s most expensive region for remittances, with average transfer costs above 7% for sending $200.

PayPal announced on Wednesday, May 20, that it had expanded its PayPal USD stablecoin, known as PYUSD, to 70 markets worldwide, including several African countries. The U.S. digital payments company wants to enable individuals and businesses to conduct faster and lower-cost international transfers through the dollar-backed digital currency.

PYUSD will become directly accessible through eligible users’ PayPal accounts. Users will be able to buy, hold, send and receive stablecoins, while also transferring funds to third-party digital wallets or converting balances into local currencies.

For businesses, PayPal primarily highlighted faster cross-border settlements, with transaction times reduced to minutes instead of several days through traditional banking channels.

“Offering PYUSD in Africa delivers tangible value to the people and businesses driving growth across these dynamic markets. Individuals gain a flexible and stable way to transfer funds faster, while businesses can streamline cross-border payments, improve settlement times and create new growth opportunities,” said Otto Williams, senior vice president and managing director for the Middle East and Africa at PayPal.

The initiative comes as digital payments and cross-border transfers continue to grow rapidly across Africa. According to the World Bank, Sub-Saharan Africa remains the world’s most expensive region for remittances, with average transfer costs exceeding 7% for sending $200.

Consequently, stablecoins continue to attract growing interest from fintech companies and payment providers, which increasingly view blockchain-based assets as alternatives to traditional financial rails that many users consider slow and expensive.

The international expansion of PYUSD also reflects intensifying competition in the market for dollar-backed digital currencies. Since launching the stablecoin in the United States in 2023, PayPal has sought to expand PYUSD usage across e-commerce, international transfers and digital financial services.

According to specialized platform Odaily, global stablecoin supply recently reached a new record above $323 billion, driven largely by growing adoption in digital payments and digital assets across emerging markets.

This article was initially published in French by Samira Njoya

Adapted in English by Ange J.A de Berr Quenum