Saturday, 25 May 2024

Crypto News

Paypal’s Xoom adds PYUSD as funding for cross-border money transfers

Paypal's Xoom adds PYUSD as funding for cross-border money transfers

  • PayPal enables use of PYUSD in cross-border transfers for Xoom users
  • Xoom users in the US can convert PYUSD into USD and send money to 160 countries.

Xoom, the international money transfer platform of payments processing giant PayPal, has announced that it now supports the use of PayPal USD (PYUSD) as a funding option for users in the United States.

In an announcement today, the cross-border money transfer platform said eligible US users can now convert PYUSD into US dollars when looking to send money to friends and family.

PayPal expands PYUSD adoption

PayPal USD is a USD dollar-denominated stablecoin that PayPal launched in August 2023 and its use on Xoom will now see US users able to send money across borders to 160 countries.

There’s no crypto sale fee when converting PYUSD to USD and no Xoom transaction fees, the platform announced.

When we decided to bring PayPal USD to market, we had two objectives we wanted to achieve: create something that had a stable value to maximize user confidence and ensure it had utility for commerce and payments,” Jose Fernandez da Ponte, SVP of Blockchain, Cryptocurrency, and Digital Currency Group at PayPal noted in a statement.

By enabling Xoom users in the US to tap into the new funding option, PayPal is expanding on its mission to bolster mainstream adoption of crypto, the PayPal exec added.

PayPal’s move to expand usage of its PYUSD stablecoin comes as the ecosystem sees increased adoption. Top stablecoins USDT and USDC continue to expand, while Ripple has announced plans to launch its own stablecoin pegged to the US dollar later this year.

According to data from CoinGecko, the current stablecoin market capitalization is $154 billion, with $106 billion for USDT and $33 billion for USDC.

PYUSD is the 12th largest stablecoin by market cap at $190 million.

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