PayPal Empowers International Transfers with PYUSD via Xoom
In a bid to enhance its cross-border payment capabilities, PayPal has introduced a new feature allowing users to utilize its stablecoin, PYUSD, for international transactions through its subsidiary, Xoom. This move comes amidst a growing demand for efficient and cost-effective options in the realm of global money transfers.
Starting from April 4th, US users outside Hawaii can utilize PayPal’s PYUSD to facilitate transfers to over 160 countries without incurring Xoom transaction fees. This strategic integration marks a significant milestone in PayPal’s vision to enhance accessibility and affordability in cross-border remittances.
Jose Fernandez da Ponte, Senior Vice President of PayPal’s Blockchain, Cryptocurrency, and Digital Currency Group, emphasized that the integration of PYUSD into Xoom aligns with the company’s broader objective of driving mainstream adoption of cryptocurrencies. By providing users with a seamless and cost-effective means of sending money internationally, PayPal aims to enhance user confidence in the utility of cryptocurrencies for everyday transactions.
PayPal’s move comes at a time when the stablecoin market is witnessing significant growth and competition. With rivals like Tether (USDT) and Circle (USDC) dominating the space, PayPal’s entry with PYUSD signals its intent to establish itself as a key player in the stablecoin landscape. Moreover, Ripple’s recent announcement of its own U.S. dollar-backed stablecoin underscores the increasing competition in this space.
PayPal’s decision to integrate PYUSD into its cross-border payment service reflects a strategic approach to stablecoin adoption. By offering users a stablecoin option for international transfers, PayPal aims to provide greater flexibility and cost efficiency while ensuring the stability and reliability of its payment ecosystem.
The integration of PYUSD into Xoom not only expands the range of funding options available to users but also enhances the overall user experience by streamlining the process of sending money internationally. With no Xoom transaction fees for transfers funded using PYUSD, users can enjoy greater convenience and affordability when sending money to friends and family abroad.
