Key Takeaways
- U.S. YouTube creators can now earn payouts in stablecoins.
- The integration builds on Google’s adoption of PayPal Hyperwallet.
- Major platform operators are exploring stablecoin payouts.
YouTube has added PYUSD as a payout option for creators, marking the platform’s first foray into stablecoins.
The move comes as global platforms and marketplaces are increasingly exploring stablecoins as a cheaper, faster alternative to bank transfers.
YouTube Integrates PYUSD
In an interview with Fortune published on Dec. 11, PayPal’s head of crypto, May Zabaneh, confirmed that PYUSD payouts have gone live for U.S.-based YouTube creators.
The option builds on YouTube-owner Google’s existing relationship with PayPal.
Google first integrated PayPal Hyperwallet for U.S. users of its AdTech platforms in February, rolling it out globally in October.
Hyperwallet, which PayPal acquired in 2018, is a global payment solution for platforms and marketplaces that need to disburse funds to thousands of creators, vendors, and gig workers worldwide.
Rather than sending users individual bank transfers, platforms like YouTube, Airbnb, and Shopify use Hyperwallet to fund digital wallets, allowing users to select their preferred cash-out method from supported local options.
When PayPal launched its own stablecoin, PYUSD, it was integrated into Hyperwallet, providing another option for users that may be quicker and cheaper than traditional fiat rails.
The Rise of Stablecoin Payouts
While platforms like Hyperwallet have improved the situation, platform users can still wait days or weeks to receive fiat payouts, especially in markets with poor financial infrastructure.
Against this backdrop, platforms like Amazon are exploring stablecoins as an alternative.
Compared to fiat rails, stablecoins offer lower fees and near-instant settlement. Meanwhile, end users ultimately bear the cost of off-ramping.
To accelerate adoption, Visa started piloting new fiat-to-stablecoin rails in November, pitching stablecoin payouts as an ideal solution for the gig economy.
Mastercard followed through with its own take on the concept shortly after.
As platform operators continue to promote stablecoin payments, PYUSD and its peers are poised to colonize huge swathes of the digital economy, extending their reach to millions of content creators, gig workers, freelancers, and online vendors.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
