PayPal is set to launch its new platform, PayPal World, this fall, which will link various domestic digital wallets such as India’s UPI, China’s WeChat Pay, and Brazil’s Mercado Pago to its global merchant network. This initiative is designed to facilitate cross-border transactions without the need for new accounts or cards, thus simplifying the process for nearly two billion users. While the platform mimics some functions of stablecoins, it operates on traditional fiat rails and does not use blockchain technology. PayPal continues to develop its own stablecoin, PYUSD, and aims to have 20 million merchants utilizing it by the end of 2025. Critics, however, argue that PayPal World does not fundamentally disrupt established fiat payment networks or replace stablecoins, as it still relies on traditional banking channels and may not address the needs of regions with limited access to conventional banking. The launch signifies a move towards enhanced digital payment systems while highlighting the ongoing relevance of stablecoins in the modern financial ecosystem.

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