Xoom Users Can Now Use PayPal’s Stablecoin for Cross-Border Transfers

From fintechnews.sg

Xoom, a subsidiary of PayPal specialising in cross-border money transfers, has enabled U.S. customers to utilise PayPal USD (PYUSD), a stablecoin pegged to the U.S. dollar, for international remittances. This addition enables users to convert PYUSD into U.S. dollars within their PayPal Cryptocurrency Hub and send it to recipients in about 160 countries without incurring Xoom‘s transaction fees. This service is aimed at providing a more cost-effective method for cross-border transactions, responding to the high transfer costs highlighted by the World Bank’s Q3 2023 report, which pegs the global average cost of ... (full story)