PayPal has really tossed out a huge amount. It seems that the competition over the top spot in the US market cap ranking within the stablecoin market is now getting into full swing.

Recently, PayPal announced that it will expand PYUSD to 70 markets, and I think this isn’t just a regional expansion—it’s a strategy to embed stablecoins deeply into the global payment network. Users can buy and sell PYUSD directly from their PayPal accounts, transfer it to external wallets as well, and if needed, convert it into local currency.

The most interesting part is from the merchants’ perspective. Traditional payment methods take a few days for settlement, but if they trade with PYUSD, they can secure funds within a few minutes. I think this could truly be a game-changer for merchants with a lot of international transactions.

Looking at the US market cap ranking in the current stablecoin market, Tether’s USDT is taking the clear No. 1 spot with about $184 billion, followed by Circle’s USDC with roughly $78.6 billion. PayPal’s PYUSD is about $4 billion—still small for now, but given PayPal’s brand power and its existing user base, its growth rate could be quite fast.

What’s interesting is that even traditional financial companies like Visa and Mastercard are keeping an eye on this move. Since banks and fintech companies are testing blockchain-based payments, it’s clear that stablecoins are positioning themselves not just as crypto assets, but as actual payment infrastructure.

The new markets include Asia-Pacific, Europe, and Latin America, and it’s available in places such as Singapore, the UK, Peru, and Guatemala. Since PayPal plans to expand into additional markets in the coming weeks, it’s worth watching how the stablecoin market’s landscape in terms of the US market cap ranking will change.

As these moves add up, I can’t help wondering how the global payment system will ultimately be reshaped. If you’re interested, it might be a good idea to check the movements of major stablecoins, including PYUSD, on Gate.