US PayPal Customers Can Now Use its PYUSD Stablecoin For International Payments

TL;DR

• PayPal will allow its users in the U.S. to use its PYUSD stablecoin for cross-border payments.

• PayPal is aiming to boost the usage of its PYUSD stablecoin.

PYUSD Cross-border Payment Option Now Available to U.S. Customers

Payments giant PayPal has announced that its customers in the United States can now send international money transfers using the company's PYUSD stablecoin. This initiative comes as PayPal looks to expand the use of its PYUSD stablecoin.

By using its cross-border payments service, Xoom, PayPal’s U.S. customers can now easily convert PYUSD to USD and then send the money to recipients. At the moment, its US customers can send money to users in 160 countries without being charged transaction fees.

According to PayPal, this latest development represents a more cost-effective way to send international money transfers. The company believes that more users will embrace this method as it will save them transaction fees. 

PayPal's SVP of the blockchain, cryptocurrency, and digital currency group, Jose Fernandez da Ponte, commented that,

"Enabling U.S. users of Xoom the option to fund cross-border money transfers using PYUSD builds on our goal of driving mainstream adoption of cryptocurrencies."

PayPal is looking to boost the adoption of its PYUSD stablecoin which it launched last year. This latest development also comes as the war in the stablecoin ecosystem intensifies. Ripple announced a few hours ago that it was launching a stablecoin that would cater to its enterprise clients.