PayPal's stablecoin PYUSD has been added to YouTube creator settlement methods, further expanding the influence of US dollar-based stablecoins.
According to Fortune on the 12th, YouTube has introduced an option to select PayPal USD (PYUSD) as a creator payout method. The feature is currently only available to users in the United States. While YouTube's parent company, Google, confirmed the feature's introduction, it offered no further explanation.
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PayPal expanded its payment functionality in early Q3 to allow recipients to receive payments in PYUSD. YouTube subsequently applied this feature to its creator settlements. YouTube had already been using PayPal's payout service to pay freelancers, creators, and contract workers.
“The beauty of the system we’ve built is that YouTube doesn’t have to deal with cryptocurrencies directly,” said May Zanabe, PayPal’s head of cryptocurrency. “It removes complexity.”
PayPal is the fintech company most aggressively expanding its cryptocurrency business. In 2023, it issued the dollar-denominated stablecoin PYUSD. As of 1:53 p.m. today (based on DeFirama), PYUSD's market capitalization was $3.91 billion (approximately KRW 5.7485 trillion). The total stablecoin market capitalization is approximately $310.022 billion, of which dollar-denominated stablecoins account for approximately 99%.
- Reporter Do Ye-ri
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