Ugandan businesses, freelancers, and digital entrepreneurs are set to benefit from faster international payments and lower transaction costs following a major expansion by global payments giant PayPal that brings its digital dollar stablecoin to Africa and dozens of other markets worldwide.
PayPal announced on May 26 from San Jose, California, that it is extending access to PayPal USD (PYUSD) to users across 70 markets globally, marking a significant step in the evolution of digital commerce and cross-border payments.
The move is expected to particularly benefit African businesses that have long grappled with expensive international transfers, lengthy settlement periods, and high banking charges that often reduce earnings from overseas transactions.
For many Ugandan exporters, online merchants, software developers, content creators, consultants, and remote workers, receiving payments from international clients has traditionally involved delays of several days and costly intermediary fees. The introduction of PYUSD could help address many of these challenges by enabling faster and more affordable transactions through PayPal’s global payments network.
Under the expanded service, eligible users will be able to buy, hold, send, and receive PayPal USD directly through their PayPal accounts. The digital currency is designed to facilitate quicker settlements while reducing the friction often associated with conventional international payment systems.
According to May Zabaneh, a senior executive at PayPal, the global financial system has struggled to keep pace with the demands of modern commerce.
“Consumers and businesses around the world are looking for faster, more seamless ways to transact globally and the current system still charges too much, takes too long, and settles on timelines that were designed for a different era,” Zabaneh said.
She noted that expanding access to PYUSD would allow users to access their funds more quickly while reducing the cost of moving money across borders.
Africa was highlighted as one of the key regions expected to benefit from the rollout. Otto Williams, speaking on the expansion, described the initiative as a practical tool for supporting businesses and entrepreneurs across the continent.
“Bringing PYUSD to Africa is about delivering tangible value to the people and businesses driving growth in these dynamic markets,” Williams said.
“Consumers gain a flexible, stable way to move funds faster, while businesses can streamline cross-border payments, improve settlement times, and unlock new opportunities for growth.”
The development comes at a time when Uganda’s digital economy is expanding rapidly, driven by growth in fintech, e-commerce, technology startups, digital services, and online freelancing. Many of these sectors depend heavily on international transactions and stand to benefit from improved access to global payment systems.
Industry experts say stablecoins such as PYUSD are gaining popularity because they combine the efficiency and speed of blockchain technology with the stability of traditional currencies. Unlike cryptocurrencies such as Bitcoin, whose values can fluctuate dramatically, PYUSD is pegged to the US dollar and is backed by dollar deposits, U.S. Treasury securities, and cash equivalents.
The stablecoin is issued by Paxos Trust Company, a regulated financial institution operating under U.S. regulatory oversight.
For Uganda’s growing community of freelancers and remote workers, the ability to receive payments more quickly could prove particularly significant. Businesses and individuals accepting PYUSD payments may gain access to funds within minutes rather than waiting days or even weeks for conventional international bank transfers to clear.
Analysts believe such innovations could transform how small and medium-sized enterprises participate in global trade, allowing businesses to access international markets more efficiently and retain a larger share of their earnings.
The expansion also reflects growing confidence among international financial technology firms in Africa’s digital future. With mobile money penetration continuing to rise and online commerce becoming increasingly mainstream, the continent is emerging as one of the most attractive markets for next-generation payment solutions.
As Uganda seeks to deepen its participation in the global digital economy, the arrival of PayPal’s digital dollar could provide businesses and entrepreneurs with another tool to compete more effectively in international markets while reducing the cost and complexity of cross-border transactions.
