PayPal has extended its dollar-backed stablecoin PYUSD into Uganda and Malawi, two new African markets it named as part of a 70-country global rollout announced on 20 May 2026.
The San Jose, California-headquartered payments group said users in newly supported markets can now buy, hold, send, and receive PYUSD directly from their PayPal accounts, and convert the stablecoin to local currency upon withdrawal. PYUSD is issued by Paxos Trust Company, a federally chartered trust regulated by the United States Office of the Comptroller of the Currency, and is backed by US dollar deposits, US Treasuries and similar cash equivalents.
What does it change for African users?
For consumers in newly supported markets, the addition gives access to a regulated US-dollar digital asset that can be moved between PayPal users or out to third-party digital wallets, then withdrawn into local currency. For businesses, accepting PYUSD shortens settlement on cross-border receipts to minutes rather than days, reducing the working-capital cost of international trade.
“Bringing PYUSD to Africa is about delivering tangible value to the people and businesses driving growth in these dynamic markets,” said Otto Williams, senior vice-president and general manager for the Middle East and Africa at PayPal. “Consumers gain a flexible, stable way to move funds faster, while businesses can streamline cross-border payments, improve settlement times, and unlock new opportunities for growth.”
Africa’s existing stablecoin landscape
PYUSD lands in an African stablecoin market that local fintechs have entered ahead of global platforms. Earlier in 2026, Noah partnered with Payd to issue stablecoin-backed USD and EUR accounts to African professionals, and Noah and Nafolo launched stablecoin virtual accounts for African remote workers. Visa also partnered with Aquanow on stablecoin settlements in late 2025.
What PayPal offers that local rails do not is direct integration with the 200-million-market PayPal account base. What it gives up is the on-the-ground reach of fintechs already serving freelancers and remote workers with local-currency cash-out options that go beyond bank transfer.
A second-attempt Africa strategy
The PYUSD expansion lands six months after PayPal’s broader Africa push ran into resistance. In December 2025, Nigerian users rejected the company’s late market entry via PayPal World, citing past exclusions and the success of local fintechs that had filled the gap. The stablecoin route attempts a different doorway into the same continental conversation: faster cross-border settlement rather than another consumer wallet competing with established African operators.
PYUSD launched in the United States in August 2023. Tuesday’s announcement opens the product to consumer and merchant accounts across the Americas, Europe, Asia-Pacific, the Middle East and Africa. PayPal has not published the full 70-market list publicly; Uganda and Malawi are the African markets it has specifically named.
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