In a statement, the company said the service allows users to buy, hold, send and receive the digital currency through PayPal accounts, and is now available in 70 markets worldwide.
PayPal said the move is aimed at making cross-border payments faster and cheaper compared to traditional systems, which are often slow and costly.
Senior Vice President and General Manager of Crypto at PayPal, May Zabaneh, said users and businesses are demanding faster and simpler ways to move money across borders, adding that the current payment system is slow, expensive and designed for a different era.
Otto Williams, Senior Vice President and General Manager for the Middle East and Africa at PayPal, said the rollout will support African businesses and consumers by improving payment speed and cash flow.
He said businesses will receive payments faster, helping reduce delays in transactions.
Users in Malawi will be able to access PYUSD through PayPal accounts, send it to digital wallets, or convert it into local currency where available.
PayPal said the stablecoin is issued by Paxos Trust Company and is fully backed by US dollars and US government securities.
According to the company, there are no fees for buying, selling or transferring PYUSD between PayPal accounts, although currency conversion charges may apply.
