YouTube has recently introduced a new payout option for its creators in the United States, allowing them to receive payments through PayPal’s stablecoin, PYUSD, as reported by Fortune on Thursday.
This integration was confirmed by May Zabaneh, PayPal’s head of crypto. It enhances PayPal’s existing enterprise payouts network and eliminates the need for YouTube to manage cryptocurrency directly. YouTube already utilizes PayPal services and decided to implement this option after PayPal activated stablecoin payout functionalities earlier this year.
PYUSD was launched in August 2023 with Paxos serving as its issuer. The stablecoin is designed to facilitate seamless conversions, international transfers, subscription payments, vendor transactions, and nearly instantaneous settlements within the PayPal ecosystem. Its primary focus is on everyday commerce while minimizing banking delays and protecting users from market volatility.
The adoption of PYUSD has been promising; it is now part of Visa’s stablecoin settlement platform alongside other notable coins like Global Dollar (USDG) and Circle’s EURC. As per CoinGecko data, PYUSD has emerged as the sixth-largest stablecoin with a market capitalization reaching $3.9 billion.