How PYUSD Could Transform Global Payments with May Zabeneh
•November 7, 2025
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Why It Matters
If widely adopted, PYUSD could lower costs and settlement times for global remittances, expand access to dollar-denominated value in emerging markets, and pressure incumbent payment providers to connect with on-chain infrastructure — reshaping cross-border commerce and financial services.
Summary
PayPal's VP of crypto product, May Zabeneh, says the company's PYUSD stablecoin — launched in August 2023 and now roughly $2.3 billion in market value — is designed to embed blockchain rails into real-world payments to make cross-border transfers near-instant and far cheaper. PayPal sees PYUSD as a way to extend interoperability and financial inclusion beyond its own wallets, letting users in regions with unstable currencies access dollar-denominated value and move funds more easily. Zabeneh argues that building payment systems 'on-chain' should not merely replicate legacy rails but reimagine roles for traditional players and crypto-natives to expand on-chain utility. The goal is deeper integration of stablecoins into merchant and consumer payment flows to drive practical adoption.
Original Description
In this conversation, May Zabaneh breaks down PayPal’s move into stablecoins with PYUSD and why it matters for financial inclusion. We explore how PYUSD could lower costs for cross-border payments, deliver faster settlement, and plug directly into PayPal’s existing ecosystem. The discussion covers why PayPal built a proprietary stablecoin, early adoption and real-world use cases, and plans for international expansion. We also examine the role merchants play in crypto acceptance, how DeFi and traditional finance are converging, and why interoperability will be essential in the next phase of digital payments.
Chapters
00:00 PayPal’s Vision for Stablecoins
02:47 Why PYUSD? Rationale and Goals
05:18 Stablecoin Advantages: 24/7, Inclusion, Cross‑Border
08:22 Why Proprietary vs Supporting Others
11:06 Unlocking B2B and Rebuilding On‑Chain
12:20 PYUSD in the PayPal/Venmo Ecosystem
14:21 International Expansion and Global Transfers
17:02 Merchant Fit: Categories, Costs, Declines
19:32 User Segments: Crypto‑Curious to Super Users
23:28 Pay with Crypto: Scaling to Larger Merchants
29:38 PYUSD in DeFi: Open and Multi‑Chain
32:01 Liquidity, Partnerships, and the Three Pillars
35:56 Interoperability and Evolving Roles
39:11 AI x Payments: Agent‑Driven Commerce
40:42 Finding the Flywheel, What’s Next
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