Last month, MultiMoney listed PYUSD, PayPal’s new stablecoin issued by Paxos, in their MultiMoney app in Costa Rica. This represented one of the first Paxos partner enablements of PYUSD, and I sat down with Ernesto Fernandez Lang, CEO of MultiMoney, to learn why they chose to list PYUSD, use cases it unlocks for users, future expansion plans and more.
What was your motivation for listing PYUSD?
“MultiMoney seeks to bring innovative financial solutions and technologies to our clients in Central America. Listing PYUSD is going to greatly enhance our wallet’s USD transaction capabilities, and the ability to make real-time dollar transfers 24 hours a day, 365 days a year at a very low cost is unprecedented.”
What opportunities and use cases will listing PYUSD unlock for your MultiMoney customers?
“Our initial rollout is in Costa Rica and will take advantage of the country’s strong digital adoption and ever growing tourism and freelance sectors. Initial opportunities and use cases include:
Access to the U.S. dollar. Simplify and expedite how current Costa Rican PayPal account holders can transfer USD to their Costa Rican bank accounts. For example, customers of MultiMoney’s Smart account will be able to have their PYUSD balances deposited into a $USD or Costa Rican Colones high yield account, which allows them to earn the most favorable rate in the market.
Tourism payments. For foreigners visiting Costa Rica, they can use PayPal as a secure, real time payment method for goods and services in Costa Rica. This is a significant benefit for the tourism industry, as entrepreneurs as well as small and large businesses will be able to receive payments via PayPal directly into a local Costa Rican account with MultiMoney.”
Can you comment on future expansion plans and new use cases for PYUSD for your customers?
“In the future, we would like to focus on the Central American remittance market. Over 7MM Central Americans living abroad send over $45Bn in remittances to Central America annually.
Offering low cost, real time and transparent remittances would have an enormous positive impact on the local economies. We will work with the regulators in each country we operate in to safely deploy these services as soon as possible.”
Do you have any additional details about your plans related to PYUSD you would like to share?
“We are excited to join PayPal and Paxos to participate in this market innovation. Enabling our customers to better interact with market leaders who have such a keen focus on security and regulatory oversight is critical. We see some clear opportunities and use cases, and we are excited to see how the market and our clients will innovate with this technology.”
We are thrilled to have clients like MultiMoney who have chosen to list PYUSD for their users. Regulated stablecoins like PYUSD are the future of money movement, and we look forward to continuing to build impactful use cases within the Paxos network and around the world.