PayPal, headquartered in Silicon Valley and renowned for its payment solutions, is once again pushing the boundaries with its PYUSD stablecoin.
The company’s latest announcement states that, as of Thursday, customers in the United States will have the ability to utilize the PYUSD stablecoin for international money transfers. Leveraging its cross-border payments platform, Xoom, PayPal enables U.S. clients to convert PYUSD to USD, facilitating transactions to recipients in approximately 160 countries without incurring transaction fees.
With this move, PayPal demonstrates confidence in the market’s appetite for more economical methods of international money transfers. Citing a World Bank report revealing that the global average cost of sending $200 stands at over 6%, PayPal underscores the need for cost-effective solutions.
Simultaneously, the fintech giant aims to bolster the adoption of its stablecoin, launched just last year, while solidifying its position as a trusted entity in the realm of digital assets. With the launch of its stablecoin, PayPal voiced its belief in the world’s increasing inclination towards cryptocurrency usage.
“Incorporating the ability for U.S. Xoom users to finance cross-border money transfers with PYUSD aligns with our mission to promote widespread acceptance of cryptocurrencies,” remarked Jose Fernandez da Ponte, PayPal’s Senior Vice President of the blockchain, cryptocurrency, and digital currency division.
The Stablecoin Market Is Bursting Into Life
As PayPal unveils its latest initiative, it coincides with a notable surge in activity within the stablecoin realm. Adding to the momentum, Ripple revealed its intention on Thursday to introduce a stablecoin specifically tailored to cater to the needs of enterprise clientele. Emphasizing its forecast, Ripple projected that the stablecoin market could soar to an astonishing $2.8 trillion by the year 2028, underscoring the immense potential and growing significance of stablecoins in the global financial landscape.
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