PayPal is dramatically expanding the map of countries where users can send and receive its branded stablecoin. As of this month, customers in 70 nations will now be able to hold PYUSD in their PayPal wallets, May Zabaneh, senior vice president and the company’s head of crypto, told Fortune. Those countries—which are a subset of the approximately 200 in which PayPal operates—include Uganda, Colombia, Peru, and new additions in South America, Africa, and Asia. Previously, only customers in the U.S. and U.K. were able to hold the stablecoin.
In addition to being able to send and receive PYUSD, users abroad will also be able to earn rewards on their stablecoin holdings. Existing holders in the U.S. earn 4% annually.
“Now you’re really opening up not only access—especially in places where they need it most— but also cross-border transfers and volume, where the pain is felt so high,” said Zabaneh.
Across borders
Proponents of stablecoins, or cryptocurrencies pegged to real-world assets like the U.S. dollar, have long touted the tokens’ capacity to reduce fees for sending money cross-border. PayPal’s Zabaneh hopes that the expansion of PYUSD abroad will help realize that potential.
