US PayPal Users Can Now Send Money Abroad Using Stablecoin

In a move aimed at simplifying and potentially lowering the cost of international money transfers, PayPal is introducing a new option for U.S. customers. Users of Xoom, PayPal’s international payments service, can now leverage the company’s stablecoin, PYUSD, to send money abroad. This update allows for fee-free conversions to traditional USD for recipients in nearly 160 countries.

PayPal Leverages Stablecoin for Fee-Free International Transfers, Boosting PYUSD Adoption
Payments giant PayPal is making waves in the international money transfer market with a novel approach. U.S. customers can now leverage the company’s very own PYUSD stablecoin for cross-border transactions. This innovative move, rolling out through PayPal’s Xoom service, eliminates transaction fees for recipients in nearly 160 countries.
The strategy is two-fold: simplify international payments and propel PYUSD adoption. PayPal aims to disrupt the traditional system, where the World Bank reports a staggering global average cost of over 6% for sending just $200. By offering a fee-free alternative, they’re betting on wider market acceptance.

This initiative also underscores PayPal’s commitment to the digital asset space. Launched last year, PYUSD served as a stepping stone towards mainstream cryptocurrency adoption. As Jose Fernandez da Ponte, SVP of PayPal’s blockchain, cryptocurrency, and digital currency group, stated, “This builds on our goal of driving mainstream adoption of cryptocurrencies.”

The timing couldn’t be more strategic. The stablecoin market is experiencing a potential boom, with Ripple recently announcing their own enterprise-focused stablecoin and predicting a market size of $2.8 trillion by 2028. PayPal’s move positions them as a frontrunner in this burgeoning sector, offering both a user-friendly payment solution and a stablecoin with increasing utility.

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