Key Takeaways
- PayPal co-founder David Sacks has been appointed as the first AI and crypto “Czar” under Donald Trump’s pro-crypto administration.
- PYUSD has a market cap of $703 million and recently recorded over $4 billion in monthly transfers.
- The stablecoin market cap stands at $229.2 billion, with $133 billion in 24-hour trading volume.
PayPal is ramping up its stablecoin ambitions for 2025, aiming to integrate PYUSD further into its existing products and bring token-based payments to millions of small- and medium-sized merchants.
The move comes as the Trump administration begins implementing pro-crypto policies, most notably the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
PayPal Extends
According to Bloomberg, PayPal is launching a PYUSD-powered bill-pay service that will enable stablecoin transactions for over 20 million small and medium-sized businesses.
Michelle Gill, head of PayPal’s small business and financial services unit, explained that the firm anticipates PYUSD being leveraged heavily in cross-border payments as U.S. businesses conduct more international business.
She notes that, much like other stablecoins, PYUSD skips banks, currency conversion, and slow settlements.
Additionally, PayPal is extending PYUSD to Hyperwallet, a global mass-payout platform it acquired in 2018, bringing stablecoin payments to freelancers, contractors, and vendors worldwide.
The U.S. government’s growing support for crypto has further bolstered stablecoin adoption. One of the most high-profile appointments in this space is PayPal co-founder David Sacks, who has been named the White House AI and Crypto Czar.
If passed, the GENIUS Act could set a legal framework for the mass adoption of PYUSD and other stablecoins.
PYUSD Growth and Adoption
PYUSD launched on Ethereum in August 2023 and has seen steady growth. The stablecoin initially had a slow start, but its expansion to Solana in May 2024 significantly boosted adoption.
Its market cap peaked at $1.012 billion on Aug. 24, 2024, following PayPal’s partnership with Anchorage Digital, which introduced yield-bearing services for institutional investors.
Since then, PayPal has embarked on a number of collaborative ventures to deepen its Web3 ties. This includes launching PYUSD on Cardano and rolling out crypto services for U.S. accounts.
At the time of writing, PYUSD held a market cap of $703 million, ranking 91st among cryptocurrencies.
According to RWA.xyz, the stablecoin has 51,942 holders, with $4.1 billion in monthly transfer volume, a 23.84% increase from last month.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
