PayPal’s New Fiat Platform Mirrors Stablecoin Functionality Without Blockchain

PayPal announced the launch of PayPal World, a platform set to debut this fall that will connect domestic digital wallets like India’s UPI, China’s WeChat Pay, and Brazil’s Mercado Pago to its global merchant network. The service aims to simplify cross-border transactions for nearly two billion users without requiring new accounts or card usage.

While the platform operates on traditional fiat rails and lacks blockchain infrastructure, it replicates key stablecoin features such as fast settlement and seamless currency conversion. This move comes as PayPal continues to integrate its own stablecoin, PYUSD, into its ecosystem, raising questions about its long-term crypto strategy.

PayPal CEO Alex Chriss emphasized the platform’s readiness for future commerce applications, including AI-powered shopping and agent-driven wallet transactions. The company did not clarify how PayPal World aligns with its broader digital asset ambitions.