US payment company PayPal said Wednesday it plans to launch a new platform that links domestic digital wallets to a global network of billions of users.
The system, called PayPal World, allows users of UPI in India, WeChat Pay in China, and Mercado Pago Transact from Brazil to open new accounts or use their cards overseas, including PayPal or Venmo Merchants.
“Moving money across borders is extremely complicated and the platform is designed to simplify for nearly 2 billion users,” says Alex Chriss, President and CEO of PayPal. statement.
The system does not rely on blockchain or tokenized assets, but it offers many of the same features with Stablecoins, including fast payments and currency conversion.
The payment giant did not respond to questions about how the world fits into a broader crypto strategy.
Paypal said Wednesday that the platform is “ready for the future,” citing use cases such as AI-powered shopping and agent-driven wallet transactions. He added that digital payment systems play an important role in enabling these experiences.
Once published, the service will support in-store, online, and peer-to-peer transactions, with the initial rollout focusing on interoperability between the wallet and its existing merchant base.
This announcement comes as PayPal continues to support and integrate Stablecoin Pyusd with a wider suite of product.
Last month, Paypal Expansion PYUSD, which includes the Solana blockchain, has announced plans to add existing availability at Ethereum and launch it on Stellar.
Expansion follows the company’s key regulations breathe after the SEC It was dropped 15 month probe to PYUSD in April. Just as PayPal started scaling Stablecoin on multiple blockchains, that decision removed the big overhang.
Stablecoin Killer?
In one section, PayPal claimed that the platform would support new technologies “over time” such as dynamic payment interfaces and stubcoins.
Such overlap can be troubling for crypto builders as it suggests that traditional companies may achieve similar results without relying on open and unauthorized infrastructure.
However, the PayPal world is not necessarily a “stubcoin killer,” said Gitay Shafran, founder of Fedz, the publisher behind FUSD, a bank-run mitigation stubcoin. Decryption.
“It’s not a leap into the future of money, it’s a bridge between the legacy fiat systems,” Shafran said..
Others see it as a test of the problem.
The platform “procures standards for Fiat payments,” but relies on “traditional correspondent banking channels, foreign exchange spreads, and its own settlement process.” Decryption.
In contrast, Stablecoins “have particularly valuable benefits in areas where micropayments, cross-chain exchanges, and traditional banking operations are slow or unavailable,” he added.