YouTube has taken a significant step into the cryptocurrency realm by allowing creators on the platform to opt for payouts in PayPal’s new stablecoin, PYUSD. This development was confirmed by May Zabaneh, PayPal’s head of crypto, who indicated that the feature is currently available exclusively to users within the United States.
Google, the parent company of YouTube, acknowledged this new payment option for creators but did not provide further details regarding the arrangement. YouTube already utilizes PayPal’s payout services, which facilitate payments to gig workers and contractors, making this transition a natural progression for the platform.
This move comes on the heels of PayPal’s recent announcement of the ability for users to receive payments through PYUSD, adding to their existing financial service capabilities. Zabaneh mentioned that the integration allows YouTube to utilize cryptocurrency without having to directly engage with the complexities of the crypto market, simplifying the process for both the tech giant and its content creators.
YouTube’s venture into stablecoins reflects a broader trend among major technology companies that are increasingly exploring the benefits of cryptocurrency. With stablecoins pegged to stable assets like the U.S. dollar, their appeal has grown substantially, particularly in the wake of regulatory advancements, including a new bill that President Donald Trump signed into law governing these digital assets. Advocates of stablecoins argue that they enhance existing financial systems, and several prominent fintech companies, including Stripe, have recognized their potential. Stripe made headlines in February with a substantial $1.1 billion acquisition of the stablecoin startup Bridge.
PayPal has been a frontrunner in the crypto space among tech firms, having enabled users to buy and sell a range of cryptocurrencies, including Bitcoin and Ethereum, since 2020. The launch of its own stablecoin, PYUSD, in 2023 has positioned it as a formidable player in this emerging sector, boasting a market capitalization of nearly $4 billion.
The functionality of PYUSD has been rolled out across various PayPal products, including the digital wallet and Venmo. Merchants are also set to benefit from the incorporation of PYUSD in transactions, with a PayPal executive highlighting its availability for payment to vendors by small to medium-sized businesses.
Interestingly, this is not the first instance of Google engaging with PayPal’s stablecoin. An executive from Google Cloud had previously revealed that the cloud computing division had processed payments in PYUSD from multiple customers, indicating an ongoing exploration of cryptocurrency use cases within Google’s diverse service offerings.
