YouTube, the leading platform for video sharing, has reportedly allowed creators in the US to receive payments in PayPal’s stablecoin, PYUSD.
Fortune reported on Thursday that the head of crypto at PayPal, May Zabaneh, confirmed this feature is active, though exclusively for US users. Earlier this year, PayPal enabled recipients to accept payments in PYUSD, and now YouTube has decided to extend this option to its creators.
“The beauty of what we’ve built is that YouTube doesn’t have to touch crypto and so we can help take away that complexity,” she stated.
PayPal has maintained a long-standing partnership with YouTube, allowing users to pay through its services for many years and using it for creator AdSense payouts as well.
YouTube seems to be becoming more open to cryptocurrency, despite its previous tendency to shadowban crypto-related content, as digital assets continue to gain traction in mainstream finance. This development could also significantly boost stablecoin adoption due to YouTube’s extensive reach.
Related: Visa pilots fiat-funded stablecoin payouts for US businesses
The stablecoin sector has witnessed rapid growth in the past year, with various businesses, institutions, and governments integrating these assets into traditional financial systems.
PYUSD was introduced in mid-2023 and currently boasts a market cap of $3.9 billion according to CoinGecko data. Since the beginning of the year, its market value has surged from approximately $500 million in January.
A considerable portion of PYUSD’s growth occurred since early September when its market cap was around $1 billion. That month, PYUSD was integrated with Spark’s lending markets and Bitfinex’s Stable, an institutional-grade stablecoin blockchain.
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