PayPal plans to increase the adoption rate of its stablecoin PYUSD
According to Bloomberg, PayPal plans to increase the adoption rate of its stablecoin PYUSD by 2025. It will introduce a bill payment product that allows its over 20 million small and medium-sized merchants to choose to use PYUSD for payments to suppliers. In addition, PayPal plans to add PYUSD as an option for global payments through Hyperwallet, a service that helps organizations send bulk payments to contractors, freelancers or sellers around the world. PayPal acquired Hyperwallet in 2018 for $400 million. It plans to launch PYUSD payment in the first half of this year. By the end of 2025, businesses will also be allowed to settle PayPal checkout transactions with cryptocurrency.
In an interview with Bloomberg, Alex Chriss, CEO of Paypal said "We've been talking about blockchain for ten years now - these concepts will never become reality until you actually start spending it. I think that's what we've achieved."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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