YouTube : US Creators Can Now Cash Out in Stablecoins Through PayPal
YouTube, the biggest site for sharing videos, has officially broken down the wall between traditional media and the crypto economy. Today, YouTube made a big announcement: it has teamed up with PayPal to let U.S.-based producers get their monthly ad revenue share directly in stablecoins.
This is probably the biggest step Google has taken toward Web3 adoption. It turned millions of YouTubers into prospective crypto consumers overnight.
Starting this week, creators in the US who meet the requirements will be able to choose a new way to get paid on their Google AdSense and YouTube Studio dashboards.
Instead of the usual direct deposit (ACH) to a bank account, producers can link their PayPal accounts and choose to get their money in PayPal USD (PYUSD), the fintech giant’s own stablecoin, or USDC.
- Seamless Conversion: When YouTube starts the monthly payment, the PayPal system automatically changes the US dollars to the chosen stablecoin at a rate of 1:1.
- Instant Access: Stablecoin balances are available in the creator’s PayPal wallet nearly right away after the payout is made. This is different from regular bank transfers, which can take 1 to 3 business days to settle.
Why Stablecoins?
In 2023, PayPal released their stablecoin, PYUSD, to make digital payments faster and cheaper. PayPal’s integration with YouTube gives its token a huge use case.
The main benefit for U.S. creators is that things happen quickly and easily. When the money comes in as PYUSD, creators can: Move money to DeFi protocols or exchanges to make money.Use the balance to pay for services or contractors from other countries without having to pay for currency translation fees. You can trade directly into Bitcoin or Ethereum without having to wait for bank transfers to clear on an exchange.
YouTube hasn’t sent out a separate press statement, but in an interview with Fortune, May Zabaneh, PayPal’s Vice President of Blockchain, Crypto, and Digital Currencies, said that this step is very important for the company’s strategy.
Zabaneh stressed that the goal is to give creators faster and cheaper ways to get paid, especially those who do business with people in other countries.
“The beauty of what we’ve built is that YouTube doesn’t have to touch crypto and so we can help take away that complexity,” Zabaneh told Fortune. “We are allowing the creator to choose how they want to be paid.”
