PayPal (PYPL) said it is expanding access to its dollar-backed stablecoin, PYUSD$1.0009, to users in 70 markets, extending the token’s reach beyond the U.S. as it pushes deeper into digital payments.

Consumers in newly supported countries will be able to buy, hold, send and receive PYUSD directly through their PayPal accounts, with the option to transfer the token to third-party crypto wallets or convert it to local currency when withdrawing funds.

The launch is a "really powerful way to be able to show how stablecoins can actually be integrated into a distribution network for both consumers and merchants and then provide value and cost savings and instant speed and settlement," May Zabaneh, senior vice president and general manager of crypto at PayPal, told CoinDesk in an interview.

"You're lowering costs, you're enhancing speed, you're providing consumers as well as businesses, the ability to hold, spend and earn."

Stablecoins, digital tokens backed by assets such as fiat currency or commodities, have become a core payment and settlement layer in the crypto market, widely used for trading and cross-border transfers. The sector is led by Tether’s USDT with a market capitalization of about $143 billion, followed by Circle Internet’s (CRCL) USDC at roughly $78 billion. PYUSD has a market cap of around $4 billion.

The tokens have emerged as one of the fastest-growing segments of the digital asset market, with the sector’s total supply climbing into the hundreds of billions of dollars as demand for dollar-linked digital payments increases.

The growth has attracted traditional financial institutions and payments companies, with firms such as Visa (V) and Mastercard (MA) exploring stablecoin integrations, while banks and fintechs test tokenized deposits and blockchain-based settlement to compete in cross-border payments and digital commerce.

Merchants using PYUSD can access payment proceeds within minutes rather than waiting days for traditional settlement cycles, potentially improving liquidity for cross-border commerce.

PayPal introduced PYUSD in the U.S. in 2023. The token is backed by dollar deposits and short-term Treasuries and issued by Paxos under U.S. regulatory oversight.

The new markets span regions including Asia-Pacific, Europe and Latin America, with countries such as Singapore, the U.K., Peru and Guatemala among those gaining access. PayPal said additional markets will be added in the coming weeks.

Read more: Stablecoin market hits $312 billion as banks, card networks embrace onchain dollars