Video-sharing giant YouTube has reportedly enabled US-based creators to accept payouts in PayPal’s stablecoin, PYUSD.
Fortune reported on Thursday that PayPal’s head of crypto, May Zabaneh, said the feature is live, but only for users in the US. The firm integrated the ability for recipients to accept payments in PYUSD earlier this year, with YouTube ultimately opting to open that choice up 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 said.
PayPal has had a long-running relationship with YouTube, with the platform allowing users to pay via its services for many years, alongside utilizing it for creator AdSense payouts.
YouTube may be warming up to crypto, after its history of shadowbanning crypto content, as digital assets are making their way into the mainstream. The move could also be a potential boon for stablecoin adoption, given the size of YouTube’s platform.
Related: Visa pilots fiat-funded stablecoin payouts for US businesses
The stablecoin market has exploded over the past year as mainstream businesses, institutions and governments have moved to integrate the assets with traditional finance.
PSYUD was launched in mid-2023 and has a current market cap of $3.9 billion according to CoinGecko data. It has skyrocketed in market value since the start of the year, increasing from around $500 million in January.
A significant chunk of PYUSD’s growth has come since the start of September, when the market cap was sitting around $1 billion. During that month, PYUSD was integrated with Spark’s lending markets and Bitfinex’s Stable, an institutional-grade stablecoin blockchain.
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