PayPal Enables International Money Transfers with its Stablecoin
Main page News, US, Stablecoins

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.

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