PayPal has expanded access to its PYUSD stablecoin to 70 global markets, including several African countries, as the payments giant pushes deeper into blockchain-based cross-border transactions.
The company announced on Wednesday that eligible users in the newly added markets would be able to buy, hold, send and receive the dollar-backed digital currency directly through their PayPal accounts.
Users will also be able to transfer PYUSD to third-party digital wallets or convert holdings into local currencies, expanding the use of stablecoins for both personal and commercial transactions.
PayPal said the move is aimed at reducing the cost and settlement time associated with traditional cross-border payments, particularly in regions where international transfers remain expensive and slow.
For businesses, the company highlighted faster settlement times, with blockchain-based payments capable of being completed within minutes rather than several days through conventional banking systems.
“Offering PYUSD in Africa delivers tangible value to the people and businesses driving growth across these dynamic markets,” said Otto Williams, senior vice president and managing director for the Middle East and Africa at PayPal.
“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,” he added.
The expansion comes amid growing adoption of digital payments and blockchain-based financial services across Africa, where remittance costs remain among the highest globally.
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According to the, Sub-Saharan Africa remains the world’s most expensive region for remittances, with average transfer fees exceeding seven percent for sending $200.
The high costs have fuelled increasing interest in stablecoins among fintech firms, payment providers and consumers seeking alternatives to traditional financial systems.
Stablecoins are cryptocurrencies typically pegged to fiat currencies such as the US dollar and are designed to reduce the price volatility associated with other digital assets like Bitcoin.
PayPal launched PYUSD in the United States in 2023 as part of efforts to expand its presence in digital finance and blockchain-based payments.
Since then, the company has sought to integrate the stablecoin into e-commerce, international transfers and broader digital financial services.
The global market for stablecoins has expanded rapidly in recent years as adoption increases across emerging markets and digital asset ecosystems.
Industry data cited by specialised platform Odaily showed that global stablecoin supply recently surpassed $323 billion, reflecting rising demand for digital dollar-based assets.
Analysts say stablecoins are increasingly being viewed as tools for improving financial inclusion and lowering transaction costs in regions with underdeveloped banking infrastructure.
However, regulators globally continue to scrutinise the sector over concerns related to financial stability, money laundering risks and consumer protection.
Despite regulatory uncertainty, major payment companies and fintech firms are accelerating efforts to integrate blockchain technology into mainstream financial services.
PayPal’s latest expansion underscores intensifying competition among global payment providers seeking to position themselves in the fast-growing digital payments and stablecoin market.
For African economies, the spread of blockchain-based payment systems could potentially improve access to international financial services and reduce dependence on costly remittance channels.
Still, experts caution that widespread adoption will depend on regulatory clarity, internet access and trust in digital financial systems across local markets.
