PayPal has announced that it has expanded the use of its PYUSD stablecoin.
Starting Thursday, US customers can send international money transfers using PYUSD through the company's cross-border payments service, Xoom.
This service will allow customers to convert PYUSD to USD and send money to recipients in about 160 countries without incurring transaction fees, according to PayPal.
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The company is confident the market will embrace this more cost-effective option for international money transfers, citing a World Bank report that the average cost of sending $200 worldwide is more than 6%.
PayPal's goal is to increase the use of its stablecoin, which was launched last year, and also to establish itself as a trusted entity in the world of digital assets.