PayPal Goes Global with 70 New Crypto Markets

0:00So you can really start seeing the utility of applying a stablecoin into use cases that really matter to people. And so that's what gets us really excited at the end of the day, your lowering costs, your enhancing speed, your providing consumers, and as well as businesses, the ability to hold, send, spend, and earn. Pudgy Penguins has become one of the breakout web three brands. And you coined us research report examines how the project turned plush toys, collectibles, and trading cards into a customer acquisition engine, generating millions in retail sales while onboarding mainstream users into its digital ecosystem, discover how the brand is scaling towards a $120 million revenue target and the potential IPO in 2027 at coindesk.com slash research. All right, PayPal's PYUSD stablecoin is now available in 70

1:08markets globally. Joining us now is the payments companies senior vice president and general manager of crypto may zabnet to discuss what this unlocks for users in the newly supported regions. May, welcome to the show. Thanks for being here. Thank you, Jen. Great to be here. Well, first of all, 70 new markets. Talk to us about how you chose these 70 markets. I know there's a lot to go through, but I'm sure there's a strategy behind it. Yeah, of course. So we're really excited about this because as you know, PayPal has a global presence overall for our wallets and our own for consumers and merchants. And so what this allowed us to do is say, where is PayPal app and wallet available? And how do we enhance the functionality and the experiences for consumers in these markets? And then we think about obviously using PYUSD or stablecoin and blockchain technology in order to drive more connectivity globally. And especially in markets where it makes sense, right? Where cross-border transactions are expensive, where

2:10remittances can be anywhere from 5 to 10%, where access to holding a stable currency also matters. And especially if you want to be able to pay and send and cross border used cross-border transactions. And so it made a lot of sense for us as we looked back strategically, where there's a product market fit, which is cross-border payments, where there is usage and remittances and high volume and value that gets sent and received. And then access to where our wallets and our ecosystem is. So we're super excited about this launch. We think it's a really powerful way to be able to show how stablecoins didn't actually be integrated into a distribution network for both consumers and merchants and then provide value and cost savings and instant speed and settlement. For folks who are listening at home, we're talking about cross-border payments, we're talking about remittances. Can you give us a use case from any of the 70 markets that you're entering that was one that really stuck out while you were building out this plan? Yes, I think if you think about just sending money home, right?

3:13So if I'm a person that has family back home, let's just say in Colombia, and I want to send money back home to family, now I have the opportunity to do that straight to their PayPal wallet. They can access it immediately, save money on the, you know, because it'll be without any fees. So we'll receive it immediately, really without fees. And then by the way, they can actually hold on to it there and and earn 4% rewards or offer and then be able to spend it where they need to. And so I think that to me, this is where like things you can really start seeing the utility of applying a stablecoin into use cases that really matter to people. And so that's what gets us really excited at the end of the day, you're lowering costs or enhancing speed or providing consumers and as well as businesses, the ability to hold, send, spend and earn. Some of your competitors have a high market share in some of these regions. How are you thinking about being competitive as a new

4:13Android? Yeah, it's a great question. I think, you know, I don't think there's, I think choice really matters for consumers and our customers in general. And I think every, every different, every different currency provides something that's valuable. And so for PayPal, it will be kind of the network effects of things that'll reinforce, you know, from the brand aspect that we have, the trust and stability that we provide overall as a brand and then the network. And so the connectivity of now wallet to wallet, eventually from consumers to merchants, that's something extremely unique that's core to PayPal or payments company. We've got decades of experience in that. How much of what you're doing when you enter these new markets have to do with education? We talked a lot about trust. We talked about brand recognition. How much are you focused on getting into these new markets and teaching people about this new innovation and this new alternative to what they've been

5:13doing before? Yeah. So the great thing is, and these, and these countries and geographies and a lot of times, sometimes in emerging markets, you see already a leap frog in technology. And so that leap frog actually already is that they're embracing and using or aware of stable coins within what they do and the value that they bring. So you're not really starting from zero and all the markets. So I think that's, that's what's really important and powerful. This truly is a, stable coins are global in nature to the value that they've been able to bring across the world. And it's just been that there's just different applications and value that have been applied around the world. So in developed countries, you have a lot more heavier on the trading use cases and developing countries. You see a lot more of moving money or value around in the ecosystem. And then when you layer that exactly to your point, Jen, where like PayPal already has the brand and the wallets and some presence in there. So that already has a known kind of aspect around it. And then it's an introduction of thinking about how do you earn, send or

6:13spend, which has always been PayPal's value prop, just now extending into stable coins and being able to further than enhance and advise. So obviously it will be education. Um, there'll be, you know, simplicity of how you explain things. But obviously arming consumers and merchants with the information that they need as a part of our go to market strategy will be important. But the, the benefit that we have is because stable coins have become a lot more dominant in conversations and around the world. It really is a technology. It's already being adopted. All right. And before I let you go, May, I want to talk about two big narratives around stable coins right now. One has to do with AI, one with regulation. Let's start with AI first, you know, everyone it seems is talking about how AI agents are going to use stable coins. And that maybe stable coins were actually built for an agentic AI future. Curious how you're thinking about that? And what role PayPal would play in that ecosystem? You know, you've really spent, um, PayPal has spent its life serving

7:15humans, how are you thinking about serving an AI world? Yeah, I think it's, um, I love this question. And I really do think there's a powerful future. I think when you think about the basic natures of what stable coins are, they're programmable. They're digitally native and they're programmable. And when you think about where we think agents will go and, or especially agentic commerce agents, um, to agents, agents spinning up a crypto wallet agents using a PayPal wallet, whatever that is at the end of the day, the programmability is in the native aspect. It's almost like structurally there meant to be. And so I definitely see a future. Are we there today? No, but I definitely see a very powerful connection between the programmable aspect of stable coins and then using that in commerce. And so we're excited to also continue to evaluate and, and see how things shape up in agentic and then being able to play apart and, and that. And exactly as you said, where PayPal will play is, see, is being able to provide the walless of commerce aspects and the connectivity for, for agents, for consumers, whether it's online, offline, on chain, wherever that may be.

8:18And I want to bring the conversation a little bit closer to home right now. Of course, in Washington, there is a debate over stable coin yield. The banking lobby versus the industry. I know that PayPal has participated in some conversations. But how are you watching what's going on? How are you preparing for that debate to go one way or the other? Yeah. I mean, look, we, we think this is a really, really important issue. We're glad that the debate is happening and we believe that rewards are really important that consumers can, can have, be able to access. And because this is also part of the value that stable coins and providers can give back to customers. So we are working really hard in this too. So it's not that we're watching on the silence. We're actually working hard to find a compromise that helps benefit and, and achieves a win-win on both sides. And we obviously really, really appreciate the efforts at the White House and Congress are making to help drive this forward. But we think it's, it's critical. We think the conversation should happen. We are participating in it. And we obviously do believe this value and rewards should be able to be

9:21passed to to customers. Just one quick follow up on that. You're participating in the conversations. Do you think a middle ground will be reached and this legislation will pass before midterms? I ask almost all my guests that we should probably cut a video together of everyone's answers. But do you think we'll get this across the line? I hope so and, and believe so. Yeah, and there's a will there's a way. Yeah. May, thank you so much for joining us today. And congratulations on the launch. Thank you so much. Appreciate it. Pudgy Penguins has become one of the breakout web three brands and you coined us research report examines how the project turned plush toys, collectibles and trading cards into a customer acquisition engine, generating millions in retail sales while onboarding mainstream users into its digital ecosystem. Discover how the brand is scaling towards a $120 million revenue target and the potential IPO in 2027 at coindesk.com slash research.