PayPal Settled More Than $1 Billion Through PYUSD in 2025

PayPal settled more than $1 billion in aggregate transfers between its U.S. and international subsidiaries using PayPal USD (PYUSD) during a 2025 treasury pilot, testing stablecoins as an additional rail for corporate payments across three continents.

The transactions moved through dedicated on-chain wallets and operated alongside PayPal’s existing banking channels. The pilot included regulatory, approval, accounting, tax and reconciliation controls.

One transaction involved a dividend repatriation from Singapore to the United States. It settled in hours instead of the several days typically required through traditional banking channels. The more-than-$1 billion figure refers to aggregate intercompany transfers, including a Singapore-to-U.S. dividend repatriation; the composition of the remaining transfers was not detailed.

“Stablecoins could complement existing payment rails,” PayPal Group Treasurer Can Balcioglu said.

Balcioglu said the pilot demonstrated that stablecoins could provide a faster, more transparent and cost-efficient alternative to traditional banking rails for some treasury movements. It also helped PayPal assess the accounting, legal and tax implications of stablecoin settlement.

PayPal launched PYUSD on Aug. 7, 2023. Paxos Trust Company issues the token, which PayPal says is backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents. The stablecoin is redeemable 1:1 for U.S. dollars.

PYUSD supply exceeded $3 billion when the pilot was described. PayPal’s Form 10-Q for 2026 does not disclose the intercompany pilot or confirm the reported aggregate figure.