PayPal is making significant strides with its PYUSD stablecoin, integrating it into multiple platforms to simplify business and consumer transactions.
The goal is to use PYUSD for bill payments, mass payouts, and eventually all PayPal checkout transactions, aiming to make it a default digital currency for global payments.
A key move is the introduction of PYUSD for bill payments, targeting over 20 million small and medium-sized businesses. This will streamline cross-border payments by removing banking intermediaries, cutting fees, and speeding up transactions. PayPal has already tested this feature with a successful business transaction.
Additionally, PayPal is expanding PYUSD’s use in Hyperwallet, its platform for mass payouts to freelancers and contractors. This will offer faster, cheaper global payments compared to traditional bank transfers.
Venmo, once a consumer-only app, is now becoming a significant player in business payments. With projections showing revenue could exceed $2 billion by 2027, PayPal is forging partnerships with major companies to boost Venmo’s role in business transactions.
Despite a tough few years for PayPal’s stock, CEO Alex Chriss is focused on growing transaction margins and expanding Venmo’s presence in crypto and e-commerce, ensuring the company’s future growth.
Crypto exchange Bitget has introduced a new investment product, BGUSD, a yield-generating stable asset tied to real-world financial instruments like U.S. Treasury bills and top-tier money market funds.
A growing number of banks are quietly integrating Ripple’s blockchain infrastructure to improve cross-border transactions, opting for a hybrid model that doesn’t require replacing their legacy systems.
Several of America’s largest banks—including entities tied to JPMorgan, Bank of America, Citigroup, and Wells Fargo—are exploring the creation of a shared stablecoin, according to sources familiar with the discussions.
Sean Neville, co-founder of Circle and current CEO of Catena Labs, has launched a bold new venture aimed at building a financial system built specifically for the age of artificial intelligence.