PayPal Launches Stablecoin in 70 Countries, Including Indonesia?

Jakarta, CNBC Indonesia - Online payment provider PayPal is expanding its US dollar-based stablecoin service (PYUSD) to 70 countries, including Singapore. This expansion aims to introduce PayPal’s customers and merchants to cryptocurrency as a utility tool.

PayPal’s Senior Vice President and General Manager for Crypto, May Zabaneh, stated that the company’s entry into the crypto space is a strategy to boost user engagement.

“This adds reasons for people to come to the app, interact, and build trusted relationships,” she said, quoted from The Business Times, as cited on Thursday (19/3/2026).

This stablecoin allows users to make instant cross-border transfers in US dollars at much lower costs compared to conventional bank transfers. Bank transfers typically incur fees of several percent of the transaction amount, whereas stablecoin transfers can be done for just a fraction of a cent.

Moreover, not all PayPal markets allow users to hold balances or make transfers in US dollars. The introduction of PYUSD will eliminate these limitations in 70 markets.

So, is Indonesia included in that list?

In its announcement, PayPal did not specifically mention Indonesia as a market supporting PYUSD. However, Singapore is one of the Southeast Asian countries that has gained access.

In Singapore, only users with PayPal business accounts can conduct transactions using this stablecoin. Additionally, users outside Singapore and the UK can earn yields from holding their PYUSD.

PYUSD enables one-to-one currency conversion, where US$1 equals one PYUSD, both before and after transfers. Furthermore, PYUSD can be transferred to third-party digital wallets outside the PayPal ecosystem.

Users can also utilise other crypto exchanges like OKX to convert the stablecoin into fiat currency.

“This is a bit more open and interoperable compared to the usual PayPal balances that users are accustomed to,” Zabaneh said.

It is known that PYUSD currently has a market capitalisation of US$4 billion, and PayPal is increasingly focusing on payment aspects. She also mentioned that the company will continue geographic expansion to drive transaction volumes.