American digital payments company PayPal (NASDAQ:PYPL) has expanded access to its PayPal USD (PYUSD) stablecoin to Malawi and 26 other African countries, a move aimed at improving cross-border transactions and expanding access to global digital financial services.

Nyasa Times wrote on June 2 that the company said users in the newly added markets can now buy, hold, send and receive PYUSD through their PayPal accounts. The digital currency is already available in about 70 markets worldwide.

PayPal launched PYUSD to address growing demand from consumers and businesses for faster, more affordable and reliable international payment solutions. The stablecoin is pegged to the United States dollar, with each PYUSD designed to maintain a value equivalent to $1.

May Zabaneh, PayPal's Senior Vice President and General Manager for Crypto, said the rapid evolution of digital technologies is increasing demand for more efficient payment systems. She said PYUSD was developed to reduce the costs and delays often associated with cross-border transactions.

The digital currency is issued by Paxos Trust Company and is backed by US dollar deposits, short-term US Treasury securities and other cash-equivalent assets to support price stability.

PayPal said users will not incur fees when buying or selling PYUSD using US dollars, while transfers of the stablecoin between PayPal accounts will also be free of charge.

The company believes the expansion will support freelancers, entrepreneurs and businesses that engage with international clients by simplifying payments and improving access to global markets.

Industry observers say the development could enhance digital payment options across Africa and strengthen participation in the global digital economy, Nyasa Times wrote.

However, users are encouraged to understand the risks and mechanics of digital assets before adoption.

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