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The YouTube platform exclusively provides American content producers with the option of earning profits through the PayPal stablecoin (PYUSD). This new move reflects the cautious attitude of major technology companies in entering the digital currency field.
May Zabana, head of cryptocurrency at PayPal, confirmed that the feature is currently only available in the United States, while a spokesperson for Google, which owns YouTube, only confirmed the move without providing further details.
YouTube is an existing customer of PayPal’s payment services, as it relies on its platform to pay dues to freelancers and contractors.
With PayPal adding the option to receive payments via its stable currency in the third quarter of this year, YouTube has decided to offer this option to content creators, who can share in ad revenue and views.
Zabana said this mechanism would allow YouTube to benefit from the technology without having to directly deal with the complexities of cryptocurrency.
The move comes amid growing interest among major technology companies in stablecoins, whose values are pegged to assets such as the U.S. dollar. This interest has accelerated over the past year, especially after the United States passed new legislation regulating the cryptocurrency market, which boosted the confidence of large companies and financial entities.
Major payments companies like Stripe are the most prominent players in this trend.
PayPal was one of the first major tech companies to enter the crypto space, allowing trading of digital currencies such as Bitcoin and Ethereum since 2020 before launching its stablecoin (PYUSD) in 2023 and currently has a market capitalization of approximately $4 billion.
The company has since gradually integrated the currency into its products, including digital wallets and the Venmo app, and plans to expand its use for small and medium-sized business payments.
This is not the first time Google has dealt with the PayPal stablecoin. Google Cloud officials previously revealed that the company used (PYUSD) to receive payments from some customers, indicating that Google systems are conducting wider tests of the adoption of such digital assets.
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